The president of Venezuela, Nicolás Maduro, announced May 29th the postponement of the monetary reconversion, which was going to come into force June 4th. The Central Bank of Venezuela (BCV) will announce the new deadline in the coming days, which will be between 60 and 90 days. 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.
Maduro met with the president of the Venezuelan Banking Association, Aristides Maza, at the government house. The postponement comes after Maza’s claim that financial institutions are not yet ready for the launch of the new monetary cone. He explained that it takes 90 days to carry out all the necessary technical tests, which are done along with the BCV.
Maduro proposed to postpone the measure 60 days. However, he said that the decision will be up to the BCV. He affirmed that “it is necessary to make a strong coordination for the action in the financial and productive life of the country”. In addition, he assured that 95% of payments will be electronic by the end of this year.