Minister of Planning and Development Jorge Giordani said the first stage of monetary reconversion would have "a neutral impact" on inflation.

He added that the process of familiarization of the economic sectors and the people to the currency change would not upset the government goal of inflation at 12 percent this year.

In October 1-January 1, 2008 -the period for familiarization with monetary reconversion- "will not have any direct effect" on the consumer price index.

"What is important about this is that the move echoes the new economy we are witnessing in Venezuela."

According to Giordani, in the third quarter, Venezuela attained its fourth year of sustained economic growth, which in average is above 12 percent.

While no official figures have been disclosed, Giordani hinted that their estimations showed that "in 2007, growth is likely to amount to 8.5 percent of GDP -an unprecedented rate in this country over the last 50 years."

Regarding growth in the middle term, Giordani said the Venezuelan economy would continue to grow at a 6 percent rate in 2008-2013.