The Bolivar becomes the Bolivar Fuerte.
The Central Bank of Venezuela is changing Venezuela's currency from the Bolivar to the Bolivar Fuerte begining January 1, 2008. In the redomination process, 1,000 Bolivars will become 1 Bolivar Fuerte. Simply, the zeros are eliminated.
Coins will be created in the following denominations: 1; 0.50; 0.25; 0.125; 0.10; 0.05; 0.01.
Banknotes will be printed in the following denominations: 100, 50, 20, 10, 5, 2.
There will be a period of transition of six months in which both, the old and the new currency will coexist. After this transition period, currency exchange will continue as long as necessary, so that people could change old currency for new currency at financial institutions.
