As from October, checks and credit instruments must reflect only the new monetary expression
30 septiembre 2021

VENEZUELA

The Venezuelan Banking Association (ABV in Spanish) informed that as from October 1, the amount of checks and other credit instruments issued will reflect the new monetary expression of the bolivar. By then, no additional expression will be necessary to write the amount in numbers and/or letters. The ABV refers to the resolution of the Venezuelan Central Bank issued on August 19, which establishes that checks and other credit instruments must be expressed with the new monetary denomination as from October 1, 2021.

However, in all stores, services and companies serving the public, prices will continue to be reflected both in the values prior to October 1 and in restated bolivars, in order to avoid confusion and to familiarize clients and consumers with the operation of the rounding scheme.

In the case of banks, they must inform customers about the rules for the payment of checks with the new monetary expression. In addition, they must distribute material and place banners to promote the new monetary expression through both physical and digital media.

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