Caracas, Oct 1 (EFE) .- Three years later, the Venezuelan government launched a new monetary reconversion on Friday, the third in this century, which eliminated six zeros from the bolivar in an attempt to revive an economy ravaged by hyperinflation and devaluation.
The currency that began to circulate today is called the digital bolivar, although, paradoxically, bills with a new expression will continue to circulate in the midst of the hyperinflation that devoured the old monetary cone – the sovereign bolivar – that came to have a bill of one million bolivars. , equivalent to 20 cents on the dollar.
As of today, a dollar in Venezuela is exchanged for 5.14 digital bolivars -5,140,000 sovereign bolivars, until last midnight-, according to the parallel indicator of the US currency that is the most used by merchants in the country.
And precisely as a consequence of hyperinflation, the dollar has found a place in Venezuela as a national currency since, according to estimates, about 70% of transactions are made in the US currency.
“RECOVER” THE BOLÍVAR
For this same reason, the Executive has said that the launch of the new currency seeks to rescue the use of the bolivar, which, to this day, is scarce due to the acceleration of inflation that has brought multiple consequences in the Venezuelan economy.
Although most economists consider that the elimination of the zeros may be necessary, the effects of this new reconversion on the rebound of the economy will be minimal, because in their opinion, to curb inflation – located at 10.6% in August, according to the Venezuelan Finance Observatory – other measures are required.
Economists recall that inflation can once again devour the new monetary cone, just as it happened with the one that was put into circulation in November 2018.
Despite the fact that the new family of banknotes should have begun to circulate this Friday, at the moment only those of 5 and 10 digital bolivars are seen -equivalent to about 1 and 2 dollars, respectively-, which has generated criticism and concern in some sectors before the question of how they will be able to give the change in the transactions.
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