Venezuela's new currency starts circulation
Thursday, 3 January 2008
CARACAS, Jan 2 (Xinhua): Venezuela's new "strong bolivar" currency, lopping off three zeros from prior denominations, started its circulation yesterday.
Venezuela's Finance Minister Rodrigo Cabezas said with the circulation, Venezuela stops being the only South American country with high denominations.
The US dollar, which is now trading at 2,150 bolivares, will be worth 2.15 in "strong bolivare," he said.
The old currency will phase out in a period of six months, which can be extended if necessary, he added.
Venezuela's currency is named after independence hero Simon Bolivar.
Venezuela's Finance Minister Rodrigo Cabezas said with the circulation, Venezuela stops being the only South American country with high denominations.
The US dollar, which is now trading at 2,150 bolivares, will be worth 2.15 in "strong bolivare," he said.
The old currency will phase out in a period of six months, which can be extended if necessary, he added.
Venezuela's currency is named after independence hero Simon Bolivar.