The government announced on 7 March 2007 that the bolívar would be revalued at a ratio of 1,000 to 1 on 1 January 2008 and renamed the "bolívar fuerte" in an effort to facilitate the ease of transaction and accounting. The newer name is literally translated as "strong bolívar" but is also a reference to an old coin called the "peso fuerte" worth 10 Spanish reales. The name "bolívar fuerte" is used to distinguish it from the older currency that was being used along with the bolívar fuerte. The official exchange rate is restricted to individuals by CADIVI, which imposes an annual limit on the amount available for travel.