Venezuela Is Said to Delay New Currency Push Amid Hyperinflation
- New bank notes haven’t been delivered to institutions
- Central bank is discussing cutting more digits off currency
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Venezuela could delay plans to introduce its new currency as banks haven’t received the new bills and quadruple-digit inflation heightens the need for new money, according to people familiar with the matter.
President Nicolas Maduro’s initial redenomination plan called for slashing three zeros from the “Strong Bolivar” notes now in use to be replaced with a new "Sovereign Bolivar.” Originally set for a June rollout, the president in May then delayed it to Aug. 4. Banks maintain they’ll need some lead time to ensure a smooth transition, according to four people familiar with the situation. A central bank press official declined to comment.