The president of the Central Bank of Venezuela (BCV), Ramón Lobo, introduced March 27th, the Monetary Conversion Bill in the Diversified and Productive Economy Permanent Committee of the National Constituent Assembly (ANC). The document contains concepts and mechanisms for the implementation of the reform, which facilitates economic transactions and protects the country’s economy. The Committee is expected to discuss the proposal in the coming days.

The introduction of the bill occurs after the president of Venezuela, Nicolás Maduro, signed a decree that changes of the monetary cone. On June 4th, three zeros will be removed from the currency and the Bolivar will be replaced by the Sovereign Bolivar.

In the coming weeks, BCV public officials will meet with representatives of public and private banks to discuss the process of technological adaptation. In addition, the BCV and the Executive Branch will carry out information campaigns throughout the country on the monetary conversion process and the incorporation of new notes and coins.

Eduardo Piñate, president of the Committee, said that “the Assembly must provide all the necessary elements for the wider dissemination of the mechanism”. In addition, he stated that the members of the ANC will study the bill and then discuss it.