LatinNews Daily - 04 October 2021

In brief: Venezuela carries out monetary reconversion

* Venezuela’s government has carried out the monetary reconversion announced on 5 August, knocking six zeroes off the currency which has been rebranded as the Bolívar Digital (formerly the Bolívar Soberano). Few expect the reconversion to have a significant impact on hyperinflation, which has decelerated over the last year due widespread dollarisation. Vice-President Delcy Rodríguez announced yesterday that investigators are inspecting shops to check that they are no longer using the Bolívar Soberano, and that those using the new currency (rather than the more widely used US dollar) are doing so at the official exchange rate set by the central bank (BCV). The BCV’s current exchange rate (4 October) is BF4.18/US$1.

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