Venezuela: Redenomination of the bolívar June 4

Event

On Thursday, March 22, President Nicolás Maduro announced that the bolívar would be redenominated on June 4 by removing three zeros from every denomination of the country's currency. Individuals will not be required to exchange old bills for newer versions; however, all new bills will be printed using the new denomination. The redenomination is not expected to alter the value of the official exchange rate. Protests against current poor economic conditions are possible in the coming weeks and months.

Advice

Individuals in Venezuela are advised to closely monitor the situation, avoid all protests due to the likelihood of violence, remain vigilant at all times due to high crime rates, and avoid discussing political issues in public.