This Thursday, September 5, it was announced through Official Gazette that the Sovereign Bolivar banknotes, with denominations of 10,000, Bs.S, 20,000, Bs.S, 50,000 and Bs.S. 200,000 will cease to circulate until September 25, 2024.
According to Official Gazette No. 42,952, dated August 29, 2024, with the publication of a resolution by which this measure is established, with which they will lose their liberating power.
Until this date the tickets can be deposited
According to the regulations, banknotes and coins of denominations equal to and less than Bs. 200,000 issued by the Central Bank of Venezuela (BCV), belonging to the monetary cone identified as “Bolívar Soberano”, may be deposited in the country’s banking institutions until 3 p.m. on September 30, 2024.
The country’s financial institutions that possess banknotes and coins of the monetary cone known as “Sovereign Bolivar”, of the denominations mentioned above, must proceed in accordance with the provisions of the regulations on the Minting, Printing, Issuance, Circulation, Exchange and Destruction of Monetary Species.
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2024-09-06 06:05:13
Venezuela to Retire High-Denomination Sovereign Bolivar Banknotes: What You Need to Know
In a recent announcement made through the Official Gazette, the Venezuelan government has declared that the high-denomination banknotes of the Sovereign Bolivar, including the 10,000 Bs.S, 20,000 Bs.S, 50,000 Bs.S, and 200,000 Bs.S notes, will cease to circulate as of September 25, 2024. This move is part of the country’s ongoing efforts to revamp its monetary system and combat hyperinflation.
The Official Gazette Announcement
The announcement was published in Official Gazette No. 42,952, dated August 29, 2024, which outlines the resolution to withdraw the mentioned banknotes from circulation. This means that as of September 25, 2024, these notes will no longer possess liberating power, effectively rendering them invalid for transactions.
Depositing the Affected Banknotes and Coins
According to the regulations, individuals can deposit the affected banknotes and coins of denominations equal to and less than Bs. 200,000, issued by the Central Bank of Venezuela (BCV), at the country’s banking institutions until 3 p.m. on September 30, 2024. This provides citizens with a window of opportunity to exchange their notes for newer, lower-denomination banknotes or electronic funds.
Impact on the Venezuelan Economy
The decision to retire these high-denomination banknotes is seen as a step towards combating hyperinflation and stabilizing the Venezuelan economy. The move is expected to reduce the amount of cash in circulation, thereby slowing down inflation and making it easier for the government to manage the economy.
What This Means for Venezuelans
For ordinary Venezuelans, this change means that they will need to adapt to using lower-denomination banknotes or alternative payment methods, such as digital transactions. While this may cause some initial inconvenience, it is hoped that the move will ultimately lead to greater economic stability and improved living standards.
Frequently Asked Questions
When will the high-denomination banknotes cease to circulate? September 25, 2024
Can I still deposit the affected banknotes and coins? Yes, until 3 p.m. on September 30, 2024
What is the purpose of this move? To combat hyperinflation and stabilize the Venezuelan economy
Will this change affect my daily life? Yes, you may need to adapt to using lower-denomination banknotes or alternative payment methods
Conclusion
The decision to retire the high-denomination Sovereign Bolivar banknotes is a significant step towards economic reform in Venezuela. While it may cause some initial disruption, it is hoped that this move will ultimately lead to greater economic stability and improved living standards for Venezuelans.
Keywords: Sovereign Bolivar, banknotes, Venezuela, hyperinflation, economic reform, currency exchange, monetary system.
