The Central Bank of Venezuela (BCV) published August 16th a resolution in the Official Gazette No. 41,460 that outlines the rules for the monetary reconversion, which will enter into force Monday, August 20th. The regulation establishes that all 1,000 Bolivar banknotes or higher may coexist with the Sovereign Bolivar until they are demonetised. On the other hand, 500 Bolivar banknotes and coins or lower should be deposited in the banks in the upcoming days.

The resolution determines that the preparation and presentation of the accounts corresponding to fiscal years ending before August 20th, and whose approval is after that date, must be made in current Bolivars. The Financial Statements referring to accounting closings as of August 20th must be prepared and presented in Sovereign Bolivars.

In addition, businesses must express the prices of goods and services in both currencies until the BCV decides otherwise, so that citizens become accustomed to the new monetary cone.