By Central Bank of Venezuela …..
“We have six new bills Bs.500 of Bs.1000, Bs.2000, Bs.5.000, Bs.10.000 and Bs.20.000; and coins Bs.10, Bs.50 and Bs.100 that will coexist with the current and be incorporated from December 15, progressively, for the benefit of the general population,” said the president of the Central Bank of Venezuela (Banco Central de Venezuela, or BCV), Nelson Merentes, on Wednesday December 7 from BCV headquarters located in Caracas.
Merentes, accompanied by the directors of the BCV, Eudomar Tovar, José Khan and Sohail Hernández Parra; and the deputies, Ricardo Sanguino and Hugbel Roa of the National Assembly, said that the expansion of the monetary cone will streamline the payment system and streamline business transactions for the benefit of Venezuelans.
Also, the president of the BCV explained that, needing fewer notes and coins to cancel goods or services, productivity is maximized; production costs, replacement and relocation of the national banking system will be minimized; and use by the general population will be provided.
The BCV will distribute monetary species through its headquarters in Caracas and Maracaibo, and through the banking system throughout the country. “First Bs.500 ticket is incorporated, after a batch of Bs. 5000, and so on with each denomination, according to the agreed planning” Merentes said.
New Security Features
Merentes informed the country about the advanced security features employed with the new bills, to ensure that they are accepted with confidence by all citizens.
All notes are issued on paper with unique properties, firm and resistant texture that has scattered multicolored fibrils, some visible to the eye and other distinguished under ultraviolet light. They also have the watermark and electrotype; microtext; perfect record complex; a windowed security thread (in and out of the paper) that is complete and continuous to be contrasted with the light; brand for people with visual disabilities; an image only most visible when exposed to fluorescent light; fluorescent letterpress printing; and an intaglio printing latent image.
For their part, the coins also have distinctive elements, among which are the mint mark; the denomination of the coin; wavy lines representing the stripes of the national flag; the shield of the Republic; the issuing country and the year of issue.
Flexible Monetary System
The Law of the Central Bank of Venezuela establishes, among the main functions of the central bank, exclusively exercise of the power to issue notes and coins, and to ensure the proper functioning of the payment system. Therefore, changing the monetary cone is a natural action within the remit of the BCV to increase efficiency.
The issuing institute carried out technical studies that also employ other central banks, to determine the required denominations.
The process of issuing new banknotes forms part of the measures taken by the BCV to expedite the flow of the national monetary system.
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