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LatinNews Regional Monitor: Andean Group - 23 March 2018
In brief: Venezuela
Venezuela: Venezuela’s President Nicolás Maduro has announced a new monetary reconversion plan for Venezuela’s national currency, the Bolívar Fuerte (BF). President Maduro, who is seeking re-election in the 20 May early presidential election called by his government, said that the under the plan, which will become effective on 4 June and involves the introduction of an entirely new set of coins and bank notes, the currency will lose three zeros, with the lowest unit becoming 1 rather than 1,000; and that the currency will become known as the ‘Bolívar Soberano’. Maduro claimed that the reform will help to resolve Venezuela’s deep economic crisis by guaranteeing the country’s money supply in the face of the current scenario of rampant inflation. However, the opposition-controlled national assembly has warned that the proposed changes will not help resolve the economic crisis and would only deepen it by creating “confusion and potential chaos” in the local economy.
