[NYTr] Venezuelan Currency Revaluation Takes Effect Jan First
 
Date: Wed, 26 Dec 2007 17:24:59 -0600 (CST)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Agencia Cubana de Noticias (ACN)
http://ainch.ain.cu/mailman/listinfo/ingles

The Strong Bolivar:

Venezuelan Currency Revaluation Takes Effect Jan First

Havana, Dec 26 (acn) The Strong Bolivar, a new currency that will take 
three zeros off the current Bolivar, will start circulating in 
Venezuela in 2008.

According to the Central Bank of Venezuela (CBV),  200 million bills of 
the Strong Bolivar have been distributed and will enter into 
circulation on January 1.

The population will have six months to change over before the old 
currency loses its value. The equivalent of US$ 1, currently 2,150 
Bolivars, will now become 2.15 strong Bolivars, reported Granma 
newspaper.

A week before the new currency goes into circulation, the CBV continues 
dispensing the new money to regional distribution centers and from 
there to the different banks, said CBV Director Armando Leon.

Leon said the next step will be allocating the new currency to 
supermarkets. He noted that meanwhile, more bills are being printed and 
coins minted.

Both the CBV and the Ministry of Finance state that the new currency 
will "leave behind the consequences of a history of inflation and 
strengthen confidence in the currency."

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