The Banco Central de Venezuela (Central Bank of Venezuela) notify to the country that starting december 15th 2016, six new banknotes and three coins will be added gradually to the current monetary cone (group of coins and banknotes legally circulating in the country).

The circulation of the new notes of Bs. 500, Bs. 1,000, Bs. 2,000, Bs. 5,000, Bs. 10,000 and Bs. 20,000 is a decision of the monetary authority, in coordination with the National Executive, to optimize the current monetary cone. The BCV conducted technical studies, which also employ other central banks, to determine the optimal set of denominations required by the national economy. The coins that will also begin to circulate during the indicated period are Bs. 10, Bs. 50 and Bs. 100.

The expansion of the monetary cone will make the payments system more efficient, help commercial transactions and minimize the costs of production, replacement and transfer of monetary species, which will translate into benefits for banking, commerce and the population in general.

The six new banknotes come to complement the current family and will coexist with those that are in circulation. They will be distributed progressively by the BCV, at its headquarters in Caracas and Maracaibo, and through the banking system throughout the country.

The Central Bank of Venezuela will announce in a timely manner the characteristics and security elements that identify the new monetary species, with the purpose of guaranteeing that the enlargement of the cone is assumed with confidence and facility by the whole citizenship.

Source: Banco Central de Venezuela