Monday August 07, 2006

Venezuela may take zeros off currency

chron.com :

Venezuela could take a few zeros off its currency, the bolivar, if lawmakers have their way in trying to simplify the country's monetary unit. At the moment, the smallest bill in Venezuela is 1,000 bolivars (47 U.S. cents). One of the ideas raised by some lawmakers is to simply strike three zeros, turning 1,000 bolivars into one "new bolivar."

Rodrigo Cabezas, chairman of the Finance Commission in the National Assembly told reporters that the proposed reform will be sent on to the Central Bank, which will decide on the matter. Cabezas said in a statement that the proposed reform envisions the new monetary unit going into circulation in late 2007 or 2008.

(2006-08-07 08:01:15 SGT) [Biz] Permalink

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