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VENEZUELANS will enjoy a new bank holiday on Monday as the country gets a new currency named the sovereign bolivar.
President Nicolas Maduro told a press conference on Monday that the country will begin a new wages and prices system rooted in the petro virtual currency.
“We are heading towards normalisation, to a country of stability with the Recovery, Growth and Economic Prosperity plan,” he said.
“This means a substantial improvement and better stability for workers’ incomes while setting maximum prices for sales to the public, which ought to be respected.
“All institutions linked with the systems of distribution and price” will guarantee “its effectiveness,” he said, explaining that, with prices rooted in the petro, “there won't be any excuse for speculation.”
Venezuela’s rock-bottom cost for petrol at the pumps will give way to world market prices, although drivers showing their government-issued ID card will still be able to buy at current subsidised prices.
