CARACAS, Aug. 16 (Xinhua) -- Venezuela is bolstering security in the lead-up to Monday's launch of new banknotes, Interior Minister Nestor Reverol said on Thursday.

During a meeting with representatives of the Venezuelan Banking Association, Reverol said a security plan had been put in place to guarantee the safe and secure distribution of the new currency to the public.

Officials were especially concerned with ensuring the new "sovereign bolivar" safely reaches border states, which have seen intense rainfall and flooding in recent weeks.

New bills and coins have already been distributed to both public and private banks nationwide, and will be ready for circulation without any slipups next week, he said.

The new bills lop off five zeroes from the existing currency, which has been hit by runaway inflation.

In late March, President Nicolas Maduro proposed the change to the currency as part of a series of measures designed to improve economic performance and alleviate the burden of U.S. sanctions.

The sovereign bolivar is backed by Venezuela's cryptocurrency, the petro, according to officials.