Venezuela's Currency Rebranding Comes Into Effect

As of Friday, the Central Bank of Venezuela (BCV) rebrands the national currency, puts new banknotes and coins into circulation, and removes six zeroes from the Venezuelan currency. This process of monetary transformation gives rise to the "Digital Bolivar".

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The BCV indicated that the introduction of the Digital Bolivar does not affect the value of the currency because "the Bolivar will not be worth more or less." The change in the monetary denomination seeks to facilitate the realization of daily transactions.

“The new ‘Digital Bolivar’ (BsD) will wipe out 6 zeroes from the outgoing ‘Sovereign Bolivar’,” outlet Venezuela Analysis said, adding that the monetary reconversion will imply adjustments in the nominal prices of the goods and services. For example, if an item cost 1,000,000 Sovereign Bolivar, its new face value will be 1 Digital Bolivar.

"The public and private financial system is ready to suppress 6 zeros from our currency and give impulse to the Digital Bolivar," Vice President Delcy Rodriguez said, adding that the new 5 and 10 bolivar bills will be circulating in the country as of October 4.

From 8:00 pm on Thursday to 6:00 am on Friday, banking institutions suspended their services to fine-tune their systems before the entry into force of the new monetary denomination.

From 8:00 pm on Thursday to 6:00 am on Friday, banking institutions suspended their services to fine-tune their systems before the entry into force of the new monetary denomination.

Previously, Citizen Security Minister Remigio Ceballos announced that 46,842 officials were deployed to provide security for over 2,000 banking institutions in the country.

"The Venezuelan people can feel safe that the police forces are ready and willing to guarantee life and peace," he said.