The President of the BCV states that currency redenomination proceeds as it was foreseen.

The bolívar fuerte started to circulate

The president of the Central Bank of Venezuela, Gastón Parra Luzardo, expressed his satisfaction for the first results observed with the arrival of the bolívar fuerte. The new banknotes started to be distributed by an important number of automated teller machines of the banking network of the country.

On the other hand, financial institutions informed BCV that they have accomplished the technological adaptations as foreseen. Banks Web pages could be consulted on the balances of the saving and current accounts, as well as on credit cards in the new monetary scale. Likewise, commercial establishments on duty during this legal holiday, as well as drugstores chains, invoiced in bolívares fuertes.

Gastón Parra emphasized that BCV has all the denominations of the new family of banknotes and coins, which have been distributed in the whole country since the end of last year.

The President of the issuing institute announced that starting from this Wednesday, January 2 the process of banknotes and coins exchange started. "With that purpose, BCV implemented an operative from November 2007 to distribute the monetary species in the whole country, in financial institutions as well as in big commercial chains". Nevertheless, he reminded people that there will be a period of transition of at least six months, so that the exchange process will be carried out efficiently. So, he insisted in that citizens should not hurry to change bolívares into bolívares fuertes.

It is important to remember that the adjective “fuerte” will accompany the bolivar for a transition period, which will facilitate the differentiation of the two families of currencies during its co-circulation but, once this period is over, the monetary unit will continue to be called “bolívar."

Parra Luzardo said that from January 2, BCV will activate the community attention centers in the 24 states, in shopping malls, markets and terrestrial and air terminals, to inform about the bolívar fuerte. He also mentioned the wide collaboration that public and private organisms are rendering to the best fulfillment of the currency redenomination process.

BCV’s President exhorted the population to continue attentive to this process, and to go to the different attention centers provided by BCV Indecu, Sudeban, and Citizens defense counsel, among other organisms, to clarify their doubts and to receive the necessary information