During a mandatory broadcast on radio and television, Venezuela’s President Nicolas Maduro also announced that the redenomination would be postponed from Aug. 4 to Aug. 20
CARACAS – Venezuela’s President Nicolas Maduro postponed on Wednesday the redenomination of the country’s currency from Aug. 4 to Aug. 20 and will cut five zeroes from the currency, rather than the three he had initially ordered.
Venezuela is going through a period of hyperinflation.
“I announce that the economic, currency redenomination (...) will start definitively on Aug. 20,” Maduro said during a speech broadcast on radio and television.
Maduro said that the new monetary system is “going to anchor (the bolivar) to the petro,” the Venezuelan oil-backed cryptocurrency launched earlier by the government.
He added without giving further details that officials from the Ministry for Popular Economy will explain later this week the scope of the measures.
Despite the opposition’s claim that the new banknotes have not yet arrived in the country, Maduro said that the government already has them and that they will enter circulation on Aug. 20.
The measures are part of the second redenomination that the country has implemented in 10 years.