On 22 March 2018, with a declared state of emergency, a redenomination of the currency was announced. The conversion from bolívar fuerte to bolívar soberano banknotes officially occurred on 20 August 2018, with new denominations of Bs.S 2, 5, 10, 20, 50, 100, 200, and 500. Four months after entry into circulation, shops and state banks began refusing the Bs.S 2, as its value had significantly declined since the redenomination. By November of 2019, except for the Bs.S 500, all notes issued in 2018 were worthless. People now prefer to receive a small candy or a small pack of sugar instead of taking any of the banknotes issued in 2018.