On 20 August 2018, the Maduro government launched the new bolívar soberano currency, with one bolívar soberano worth 100,000 bolívares fuertes. New coins in denominations of 50 céntimos and 1 bolívar soberano, and new banknotes in denominations of 2, 5, 10, 20, 50, 100, 200 and 500 bolívares soberanos 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 the banks to adjust to the new currency. Initially, during a transition period the bolívar soberano was to be run alongside the bolívar fuerte. However, from the start of the transition, on 20 August, bolívar fuerte notes of 500 and less could not be used; only deposited at banks.