Venezuela's new "strong bolivar" currency, lopping off three zeros from prior denominations, started its circulation Tuesday.

    Venezuela's Finance Minister Rodrigo Cabezas said with the circulation, Venezuela stops being the only South American country with high denominations.

    "We're ending a historical cycle of ... instability in prices," Cabezas said, adding the change aims to produce a currency that has stronger buying power.

    The U.S. dollar, which is now trading at 2,150 bolivares, will be worth 2.15 in "strong bolivare," he said.

    The old currency will phase out in a period of six months, which can be extended if necessary, he added.

    Venezuelan Central Bank President Gaston Parra said the move has reflected the government's commitment to strengthening the country's money and safeguarding its economic stability.

    It would also facilitate daily transactions by using smaller figures, he said.

    Venezuela's currency is named after independence hero Simon Bolivar, whose portrait is on the new 100 strong bolivar bill.