According to severals sources a new reconversion is being discussed in Venezuela. It would be the third one since 2008. The first one was 1,000 bolívares (VEB) to 1 bolívar fuerte (VEF). In 2018 it was 100,000 bolívares fuertes to 1 bolívar soberano. The rate of exchange for the U.S. dollar was 4.30 bolívares for many years. At todays rate it would be 320,500,000 old bolívares.
Obviously redenominating the currency is a mere cosmetic move, and if the new banknote denominations are not large enough it is also wasteful. Of the current notes only the three largest are worth more than 3 U.S. cents, which is less than what it cost to print them.
Courtesy: Gabriel’s Numismatic Market, LLC., Cleophas Schockem, Dr Wolfgang Schuster, Owen W. Linzmayer-The Banknote Book.
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