there is no evidence that the Petro is being traded. The Petro is regarded by many as a scam. Redenomination Bolívar soberano On 22 March 2018, President Maduro announced a new monetary reform, in which the bolívar would once again be revalued at a ratio of 1 to 1,000, making the new bolívar equal to one million pre-2008 bolívares. The currency was renamed as the bolívar soberano ("sovereign bolívar"). New coins in denominations of 50 céntimos and 1 Bs.S, as well as new banknotes in denominations of 2, 5, 10, 20, 50, 100, 200, and 500 Bs.S, were introduced. The change was to be made effective on 4 June 2018. Starting on 1 May 2018, prices were expressed in both bolívares and bolívares soberanos at the original rate of 1,000 to 1. (For example, one kilogram of pasta was shown with prices of 695,000 Bs.F and 695 Bs.S) Prices expressed in the new currency were rounded to the nearest 50 céntimos, as this was expected to be the lowest denomination in circulation at launch. The rounding created difficulties because some items and sales quantities were priced significantly less than 0.50 Bs.S; for example, of gasoline and a Caracas Metro ticket typically cost 0.06 Bs.S and 0.04 Bs.S, respectively. The launch of the bolívar soberano was originally scheduled for 4 June 2018. Maduro delayed the launch date, quoting Aristides Maza: "the period established to carry out the conversion is not enough". The revaluation was rescheduled to 20 August 2018, and the rate changed to 100,000 to 1, with prices being required to be expressed at the new rate starting 1 August 2018. On 20 August 2018, the Maduro administration launched the bolívar soberano, with 1 Bs.S worth 100,000 Bs.F. New coins in denominations of 50 céntimos and 1 Bs.S, as well as new banknotes in denominations of 2, 5, 10, 20, 50, 100, 200, and 500 Bs.S, were introduced. Under the country's official fixed exchange rate to the US dollar, the new currency was devalued by roughly 95% compared to the old bolívar fuerte. The day was declared a bank holiday to allow banks to adjust to the new currency. Initially, the bolívar soberano was to be run alongside the bolívar fuerte during a transition period. However, from the start of the transition (20 August), bolívar fuerte notes of 500 or less could not be used, only deposited at banks. Maduro