out on 20 August 2018, old denominations with a face value of Bs.F 1,000 or higher will circulate in parallel with the new series of sovereign bolívar notes and will continue to be used for a limited time. Banknotes with a face value below Bs.F 1,000 will be withdrawn from circulation and cease to be legal tender on 20 August 2018. On 30 November 2018, it was announced that the remaining denominations of the old currency (Bs.F 1,000 or higher) will be withdrawn from circulation and cease to be legal tender on 5 December 2018. Minimum wage The minimum wage was raised from Bs.F 392,646 to Bs.F 180 million (or Bs.S 1,800) per month, a 3,000% or 33-fold increase. The new minimum wage became effective from 1 September 2018. The new wage is estimated around US$30 per month at the black market rate. According to Bloomberg, the wage reform has caused employers to fire as many workers while some of them are restructuring costs, rearranging pay scales and negotiating settlements with workers. Given the excessive wage increases, the Maduro government will assume for the next 90 days the differential of the payroll of small and medium-sized enterprises for "that there is no impact on inflation". President Maduro stressed that the new minimum wage will include public and private companies so that there are no excuses to want to increase prices. Sales tax Sales tax (VAT) increased from 12% to 16% in order to have greater money collection and "reach the zero fiscal deficit". Petro The new sovereign bolívar has a fixed exchange rate to the petro, with a rate of Bs.S 3,600 (or Bs.F 360 million) to one petro. The petro's fixed exchange to barrels of oil is one to one (the market value was approximately US$60 at the time of the reforms). As part of the reforms, Venezuelans will be paid at least half a petro per month. By the end of August 2018, there is no evidence that the cryptocurrency is being traded. Petro is regarded by many as a scam. Bonuses Holders of the Carnet de la patria are entitled to receive a Bs.S 600 (US$15) bonus. The bonus payment is deposited through the digitized system. According to ABC, the Homeland card serves a political and social control and that the Venezuelan opposition qualifies as an instrument of blackmail, will only benefit a third of the Venezuelan