I had amassed a fortune and it would grow by the hour, provided I did not change my few dollars into thousands of bolivars
BANKING AND CREDIT NEWS-August 29, 2018--Venezuela launches new app to convert sovereign bolivar
The changes start to kick in today with the introduction of a new currency, the "sovereign bolivar
," which lops five zeros off the country's fast-depreciating bills.
Bloomberg reported November 24 that Venezuela's currency--the bolivar
fuerte or "strong bolivar
"--had lost 45 percent of its purchasing power so far that month.
Maduro said the government has collected 4 billion bolivars
($400.4 million) from "financial mafias" that have been hoarding the 100 bolivar
notes in what he described as an economic war against the country.
The value of revenue trapped in bolivars
is being whittled away by the world's highest inflation rate and frequent devaluations.
But on Monday, the government made its first moves towards repaying airlines, although at a worse exchange rate, about 10 bolivars
to the dollar.
Giordani said the government had also decided to do away with a second-tier rate of 5.30 bolivars
to the dollar, through a bond market administered by the Central Bank.
Government exchange controls won't allow the owners to change their bolivars
into dollars to buy wheat from abroad, managers say.
One hundred bolivars
is currently worth just two cents.
The central bank of Venezuela is considering increasing the supply of bolivars
Private bank officials say they translate into exchange rates of between 4.30 bolivars
and 5.30 bolivars
to the dollar _ sharply less than rates of more than 8 bolivars
to the dollar before trading was halted May 19.
At press time, the official exchange rate was 1,600 bolivars
to the dollar, at least 500 bolivars
lower than the exchange rate on the already-flourishing black market.