The head of the Sectorial Economy Vice Presidency of the Venezuelan administration, Wilmar Castro Soteldo, announced the postponement of the monetary reconversion for August 4th, 2018, through a statement published last weekend. On the other hand, working groups will be established in the Superintendence of Banks (Sudeban) to optimize and promote e-payment channels.

The statement urges all financial institutions to continue adapting their technology platforms and equipment to the new monetary cone, to facilitate the financial transactions of the population and protect the currency.

The measure was originally going to come into force this week. However, it was rescheduled to “within 60 to 90 days” after the president of Venezuela, Nicolás Maduro, and the president of the Venezuelan Banking Association, Aristides Meza met.

The president of Venezuela had announced the launch of the new monetary cone in March, which consists of the reduction of three zeros of the current currency and the conversion of the Bolivar into the Bolivar Sovereign. The reform seeks to stabilize the country’s economy, which is immersed in hyperinflation.