[NYTr] Venezuela Prepares for Strong Currency
 
Date: Mon, 24 Dec 2007 13:07:26 -0600 (CST)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Prensa Latina, Havana
http://www.plenglish.com

Venezuela Prepares for Strong Currency

Caracas, Dec 24 (Prensa Latina) The Venezuelan economy continued moving
forward Monday putting finishing details on the plan for the strong
bolivar, part of a monetary re-conversion process for greater stability
and ease of financial operations.

This last week in December the Venezuelan Central Bank is preparing to
eliminate three zeros from the current currency to reduce costs.

Bank authorities assure that the country is ready for this procedure
that not only includes progressive currency substitution, but also
actuation of numerous technical systems.

Most of the automatic bank machines are ready to dispense the strong
bolivar at the start of the New Year, bank balances will be expressed
without three zeros and operations on the Internet and sales points
will be likewise affected.

Although the bank began distributing the strong Bolivar at the end of
October to guarantee its availability in branches and commercial
centers, a six month period of transition is foreseen during which both
new and old currency will be operative.

hr ccs jf PL-2

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