On the 20th, the new currency "Sovereign Bolivar" began to circulate instead of the original currency "Powerful Bolivar", and the exchange ratio between them was 1 to 65438+ million. The Central Committee of the Communist Party of China issued banknotes with a minimum denomination of 2 sovereign bolivars and a maximum denomination of 500 sovereign bolivars, as well as coins with two denominations. Both new and old banknotes will be kept for a period of time. ?
Although banks are closed on the 20th, some citizens can withdraw small denominations of new money from ATMs. ?
Venezuelan Vice President Rodriguez said on the same day that more than 92% of the country's banking platforms have completed technical adjustments. In the morning, 400,000 credit card transactions in sovereign Bolivarian currency were completed nationwide. In order to ensure the smooth implementation of the currency reform, the Central Committee of the Communist Party of China declared the 20th as a legal holiday, so as to ensure that the national banking system successfully completed all technical preparations. ?
Earlier, Venezuelan President Maduro also announced a series of economic reform measures, including raising the minimum wage, raising oil prices, implementing a zero-deficit fiscal policy, and tightening currency issuance. However, analysts are generally skeptical about whether the reform can curb inflation.
Reform may fail, but we must have the courage to try.