Venezuela will begin 2008 with a new currency, the strong Bolivar, which will take three zeros off the current Bolivar.

The new currency begins circulating on January 1 and the population will have six months to change over before the old currency loses its value. The equivalent of US$ 1, currently 2,150 Bolivars, will now become 2.15 strong Bolivars.

A week before the new currency goes into circulation, the Central Bank of Venezuela (CBV) continues dispensing the new money to regional distribution centers and from there to the different banks, said CBV Director Armando Leon.

Leon said the next step will be allocating the new currency to supermarkets. He noted that meanwhile, more bills are being printed and coins minted.

According to CBV, 200 million bills have been distributed and will enter into circulation on January 1.

Both the CBV and the Ministry of Finance state that the new currency will “leave behind the consequences of a history of inflation and strengthen confidence in the currency,” reported EFE.

This article was taken from: Periódico 26 - Cuba