Venezuela will begin 2008 with a new currency, the strong Bolivar, which will take three zeros off the current Bolivar. The new currency begins circulating on January 1 and the population will have six months to change over before the old currency loses its value. A week before the new currency goes into circulation, the Central Bank of Venezuela (CBV) continues dispensing the new money to regional distribution centers and from there to the different banks, said CBV Director Armando Leon. 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,” reported EFE. read more
[Tags]currency, cbv, 1, bills, bolivar, circulation, forex news[/Tags]
