Publish in the rules of the Official Gazette that apply to the monetary reconversion process
The Central Bank of Venezuela (BCV) has published the rules for the monetary reconversion process, as well as the adjustment and completion of the price, by means of the Official Gazette no. 41.460 of Tuesday, 14 August 2018. of goods and services and money amounts.
The same indicates that, in the context of the exceptional and economic situation, the new revision of the national currency and its validity has been decreed, provided that the less than zero point is five (0 , 5) cent will be equal to the lower cent; while that of a fraction that results from the aforementioned adjustment that is equal to or greater than zero points is five (0.5) cents, equal to the highest cent.
According to information in a press release, the legal text details contain the adjustment of the price of goods and services and monetary amounts in which "is made by dividing that price or unit value by one hundred thousand (100,000) and the decimal places thrown by the operation. are reflected in accordance with the provision in the Section Unique to this article, "is the official text in Article 4.
The adjustment of the price of goods and services and monetary amounts are:
Fuel for use in the automotive sector.
Liquid petroleum gas (GLP), which is sold in bulk.
The services of water, electricity, city cleaning, domestic gas, telephony and internet.
The passages in Metro and Metrobus
Postal services in the country.
The tax unit.
The balances of active or passive transactions in the national financial system; as well as commercial credit balances.
Shares, even if not quoted on the stock exchange, as well as participation quotas and other negotiable instruments; and the rates, rates and other public prices.
The implementation of the Restoration and Economic Growth Program includes the entry into force of the Monetary Reconversion, from this Monday, August 20, it consists of the elimination of five zeros for the current monetary cone. For example, one hundred thousand (100,000) bolivars (Bs.) Become one (1) Bolívar Soberano (Bs.S).