Numismatic Catalog of Venezuela
Cheng's Numismatic .
Jump to code Advanced
Español Español Twitter Facebook
Page Reference
For reference, the URL address of this page is:
The Currency Redenomination of Venezuela 2008
The Currency Redenomination of Venezuela 2008
AuthorGerencia de Comunicaciones Institucionales, BCV
Number of pages88
Publication classPrinted and Electronic

From the introduction
On March 6th, 2007, the president of the republic, Hugo Rafael Chávez Frías, issued the Decree With Force Of Law On Currency Redenomination.
From this date, the Banco Central de Venezuela (Central Bank of Venezuela), in coordination with the Executive, and a cooperation with public and private organizations, worked to make a reality a change without precedents in the venezuelan history.
The currenty redenomination was a commitment to make the currency stronger and t reaffirm the goal of economy stability, based on a set of consistent policy in the time oriented to the harmonic growth of the economy and the social-economic development of the country.
The new monetary scale achieve a greater efficiency of the payment system with a lower numbers, which helps as much with the commercial operation and economic transactions calculations, as accounting registers. In practical matters, through the currency redomination, it eliminates zeros from the national currency, which, from an specific date, all money amount is expressed in a new and lower scale.
In the case of Venezuela, from January 1st 2008, it will be deleted three zeroes from the monetary unit, as a result of a division by a factor of 1000.
The reader have in his hands, the history of how the Banco Central de Venezuela, with the help of public institutions, the collaboration of private agents of economy and the inhabitants, led the country to the use of seven coins and six banknotes, as a product of the change that arise the confidence of the monetary unit and reflex the force of the national economy that includes everyone.