CARACAS, June 2 (Xinhua) -- Venezuela has rescheduled the introduction of new banknotes for Aug. 4, the government said on Saturday.

The new bills lop off three zeroes from the existing currency, which has been hit by runaway inflation, and were initially scheduled to enter into circulation starting June 4, but the banking sector requested more time to prepare for the switch.

The new date was selected following a meeting between President Nicolas Maduro and Venezuela's Banking Association (ABV).

"The executive branch, after evaluating the proposal, has agreed to reschedule the start of the currency redenomination for Aug. 4, 2018," according to a statement from the Sectoral Vice Presidency of Economy.

The decision aims "to strengthen constructive dialogue among all sectors of national life and make progress towards consolidating peace, and economic and social prosperity," the statement added.

The ABV had recommended a three-month postponement, but Maduro's government has been eager to put into effect measures to boost confidence in the economy, which is struggling under U.S. sanctions and moderate oil prices.