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After several delays, the Central Bank of Venezuela has finally issued its new Sovereign Bolivar banknote series amidst hyperinflation.

The Venezuela Sovereign Bolivar has had 5 zeros removed from its currency, with the currency changed at a rate of 1 new bolivar to to 100,000 old bolivars.

Banknote denominations of the new currency consist of Bs.S. 2, 5, 10, 20, 50, 100, 200, 500 with coins of BS.S 1 and 50-cents.

The new currency began circulating today on the 20 August 2018, though this is a bank holiday in the country.

The Sovereign Bolivar is pegged to the country’s cryptocurrency called the Petro.

UPDATE 27/08/2018: The Casa de la Moneda de Venezuela has announced that it will mint a new 25 cents (0.25) Sovereign Bolivar coin to join the new currency series accompanying the 0.50 and 1 Sovereign Bolivar coins, and the note denominations listed above.