Yesterday after a meeting between The Central Bank of Venezuela and The Commission of Foreign Exchange Administration (Cadivi) it was decided to create linking commissions to exchange opinions and deepen actions towards the implementation of the currency redenomination process.

The president of the issuing institute, Gastón Parra Luzardo addressed the welcome words accompanied by José Ferrer Nava, first vice-president and Luis Rivero, advisor.  Cadivi’s delegation was leaded by its president, Manuel Antonio Barroso, accompanied by Fernando Viloria Gómez, General Manager; César Giral, vice-president of Banco del Tesoro; Félix Osorio, head of Nutrition Markets (Mercal) and Willian Fariñas, president of the Industrial Credit Fund (Foncrei).

“The purpose of this meeting was to come closer together and share opinions regarding the enforcement of the dispositions of the Decree-Law of Currency Redenomination, the project on regulations ruling redenomination and rounding”, and BCV’s recommendations on the technological adjustments.     

Other subjects that were discussed during the meeting were: a) price duality in foreign currency sale and purchase (equivalence will be shown in current bolivars and in bolivar fuerte) that will be effective as of October 1st, 2007, b) the data base, accounting and statistic systems of the Commission of Foreign Exchange Administration to be expressed in bolivar fuerte, according to the new equivalence in force from January 2008 and c) the adjustment, in national currency, of documents that cause legal effects.