From 8:00 pm on September 30 to 6:00 am, on October 1, there will be no digital banking. The “operational pause” will take effect due to the entry into force of the third currency conversion.
The Venezuelan banking digital system will stop its operations for at least 10 hours, or more, due to the currency reconversion that will take effect on October 1. The “operational pause,” as the executive explained, will take effect this Thursday, and it will last until October 1.
For a few hours, there will be no digital system for the use of the population, according to the information coming from the executive vice president of the Caribbean country, Delcy Rodríguez.
The ceases of operations will bring the inability to move or spend funds. There will be no transfers or mobile payments; the point of sale systems, BioPago, or other methods work will stop their operations too, and neither will work at the box office.
The representative also anticipated that the following week, from October 4 to October 8, all banks must also operate in offices to “serve the public.”
This paralysis had appeared a few weeks ago when the Superintendency of the Banking Sector (Sudeban) reported that the Venezuelan banking in plenary session would not operate during the days of the reconversion at the office level until all the modifications get executed.
Venezuela has undergone a Reconversion Before
The announcement by Vice President Rodríguez reveals that there will be total paralysis of the entire Venezuelan banking system, something that the local inhabitants had already experienced. A little more than three years ago, there was the second reconversion in the country’s history.
In 2018 when the «sovereign bolivar» arrived, which was an event that ended up with the elimination of five zeros from the monetary cone; and nine years earlier, in 2007, the first reconversion happened, the «Bolívar Fuerte» arrived, eliminating three zeros.
Now, on October 1, the third monetary reconversion takes effect, which involves the removal of six zeros from the current monetary cone and the arrival of a so-called “digital bolivar.”
The Central Bank of Venezuela (BCV) highlighted that the measure does not imply an appreciation of the actual currency. The policy will only help make its use a bit easier, so this is why it is happening on a simpler monetary scale.
Banking Systems will Get Back to its Normal Functions
The official pointed out that the bank systems will recover their functions gradually and gradually. It is not necessarily all Venezuelan banks to be operational on Friday. It may work again, in some cases, days later.
In the absence of cash, most transactions go through digital systems. In figures, the rolling quantity of monetary pieces currently in that country is 2%, when necessary, given the dense population; it should be up to 13%. These percentages go according to the economist Rodrigo Cabezas.
By: Jenson Nuñez
