As part of the price stability policy undertaken by the Central Bank of Venezuela and the National Government, the currency redenomination process represents a commitment to recover the purchasing power of the currency and to reaffirm the objective of economic stability, based on the enforcement of a group of policies aimed to foster the socio-economic development of the country. 

BCV and the National Government initiated the process to implement currency redenomination, so that as of January 1st, 2008 the country will have a new family of banknotes and coins that, for a period of transition, will be called Bolivar Fuerte and will be represented as “Bs.F”. ." For accounting purposes, divisions will be made by a hundred cents.

Currency Redenomination is a process by means of which zeros are eliminated from the national currency of a country, so that starting from a specific date, all amounts of money will be expressed in a new and smaller monetary scale. In Venezuela, redenomination will be implemented by eliminating three zeros from the current currency, as it is established in the Decree-Law of Currency Redenomination. This experience is being carried out for the first time in the contemporary history of Venezuela.   

It also implies a redenomination of the nominal prices of goods and services, wages and salaries, loans and debts, adjustments in accounting processes and in calculation systems, among others.

The Currency redenomination process pursues grater efficiency in the payments systems, aiming to reduce the per capita holdings of paper currency, simplify the calculation of economic transactions, facilitate the accounting record of transactions and simplify the financial and budgetary management of the country.

In that respect, the Central Bank of Venezuela and the National Government will lead an informative and educational campaign of national scope in order to facilitate population's learning process and assure an appropriate transition to the new monetary scale. This campaign will intend to make people aware of the importance of the measure, facilitate the learning process regarding price conversion and inform the features of the new banknotes and coins, the terms and the operative details.

Likewise, the public and private sectors will initiate a process of adapting accounting and administrative capacities (changing the systems) to operate with a new numerary.