Maduro announces new currency reconversion

President Nicolás Maduro announced Thursday a new monetary reconversion in the country, which will be applied from Monday, June 4. The strong bolivar will be replaced by the "sovereign bolivar".

The president said that the national currency will have the elimination of three zeros in order to achieve a "structural and definitive solution, to give stability to the country." that's what the president assured

"Since June 4, the entire monetary cone that is in the country has been demonetized, what do you think?" He added.

This would be the second monetary reconversion in 10 years. In 2008, then-President Hugo Chávez put the strong bolivar into circulation.

At the end of 2016 the Executive put into circulation six new bills, Bs. 500, Bs. 1,000, Bs. 2,000, Bs. 5,000, Bs. 10,000 and Bs. 20,000; a year later a seventh bill of Bs. 100,000 and this month a new security element to the latter. All this paper money will lose validity from the 4 of June.

Soon a coin of 50 cents and one of 1 bolivar will come into circulation, as well as bills of Bs. 2, Bs. 5, Bs. 10, Bs. 20, Bs. 50, Bs. 100, Bs. 200 and Bs. 500 .