Resolution Requested by the Board of Directors of the Central Bank of Venezuela:

As of October 1st, 2008, prices will be exhibited in current bolivares (Bs.) and in bolivares fuertes (Bs.F.)

It won't be necessary to show both prices either on the invoices or on the product

In order for the public to become familiar with the new monetary scale, as of October 1st, 2007, and until otherwise expressed by Banco Central de Venezuela, prices of all goods and services should be marked, represented, shown or visible to the public in current bolivares as well as in “bolivares fuertes” using the symbols “Bs.” and  “Bs.F.” in tags, labels, rate logs, advertising or informative material and in any other instrument or mechanism used for the same purpose, independently of the means used for their diffusion (electronic or physical). It is important to explain that in order to fulfill the above-mentioned, it won't be necessary to show the prices of the transactions in current bolivares and in bolivares fuertes either on the invoices or on the product. Prices on supermarket shelves will be expressed in Bs. and Bs.F.

For example, in the case of corn flour, it will be indicated that 1 Kg (2.2lb) costs Bs. 1,400 or Bs.F. 1.40. A pamphlet, banner or poster indicating a sales promotion of cellular phone model XYZ should specify that the price is Bs. 315,291 or Bs.F. 315.29.

The impact that rounding has on prices is insignificant because according to BCV’s consumer price index data base, more than 90% of them are higher to 1,000 Bs. and they end in zero. That is to say, less than 10% would be subject to small changes due to rounding. In any case, it would have an impact smaller to half a cent of a Bolivar fuerte per unit of output. Likewise, in order to warrantee a minimum effect of rounding on prices, BCV established a few exceptions: fuel for automobiles; Liquefied Petroleum Gas (LPG) marketable by barrel; water, electricity, rubbish dumping, direct gas and telephone services and Internet.  In all these cases, prices will be redenominated by dividing them by 1.000 and recording them with at least three (3) decimals, preventing the use of more decimals, considering the rules, procedures and existing agreements regarding that matter.

 A liter of 95 octane gasoline costs Bs. 97. If 30 liters are bought, the total amount to be paid would be Bs. 2.910. As of January 1st, 2008, after implementing currency redenomination, the price of a liter of gasoline will be re-expressed with three decimals; that is to say, Bs.F. 0,097 and the total amount to be paid for those 30 liters would be Bs.F. 2, 91. 

It is different in the case of an electricity company that currently uses five (5) decimals at a one Kilowatt-hour (KWh) rate.  Once said rate is re-expressed to B.F. the company could use the same number of decimals that is currently using but rounding to two decimals the amount of each item and thus, the total amount for electricity charges during the mont.