Introducing the "strong bolivar" in Venezuela

On the first day of the new year, a new currency dubbed the strong bolivar was introduced in Venezuela. The result of the government's decision to valorize the old currency by crossing the last three zeroes, due to high inflation, which old currency was losing a lot of its value.

The country leader Hugo Chávez is trying to make easier financial transactions and payments for every citizen of the country in everyday system of payments and strengthen the people's confidence in money, which was destroyed by the inflation in the last few years. The new value of currency has to bind the rise in the prices and energize the national economy.
Bolivar was depreciated mainly after all president's efforts, which country has from export of the crude oil, to realize the social programs. President gained support by the poor citizens and amount incurred, which contributed to the rise of the national economy by 8.4% in the year 2007.
Central Bank before the monetary reform was crusading for the motto: Strong economy, strong Bolivar, strong country. Officially the exchange rate was established at 2.15 Bolivar for 1 US Dollar, but at the black market Bolivar was found 5.60 for 1 US Dollar. Paper money with the highest value is 100 Bolivars.

Last year the rate of inflation in Venezuela was 20% and the consumer prices were the highest in Latin America.