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As of next August 20, the monetary reform of President Maduro for Venezuela will come into effect. With it, a coin of 50 cents and one of 1 bolivar will go into circulation, in addition to eight bills of 2, 5, 10, 20, 50, 100, 200 and 500 bolivars.
On July 25, Nicolás Maduro announced that he is part of a "recovery program" to face the severe economic crisis that plagues Venezuela.
“The monetary economic reconversion based on the examination of economic prosperity will start on August 20 in a definitive way with the circulation and issuance of the new sovereign bolivar of the new monetary cone. There will be a reduction of five zeros with this new monetary cone“, said President Maduro during a speech broadcast on the radio and television network.
The measure seeks to boost economic activities that have been affected by the severe shortage of banknotes. In addition to a scenario of hyperinflation and growing scarcity of basic products for the community.
The International Monetary Fund (IMF) estimated that Venezuelan inflation will reach one million percent by the end of this year, comparable to that experienced in Germany at the beginning of the 20th century and in Zimbabwe at the beginning of the last decade.