Business & Economy

Venezuela removes 6 zeros from its currency

Venezuela has deleted 6 zeros from its currency, the “Venezuelan Bolivar” due to the high inflation witnessed by this currency, and its massive collapse against the US dollar.
The US dollar became equal to 4.18 Venezuelan bolivars, after it was equal to 4.18 million bolivars.
The move is the third banknote reform in 13 years, with a staggering 14 zeros removed since 2008.
This process reduces the difficulty of dealing with the national currency, but does not stop its inflation, meaning that Venezuela may accept to implement a similar step after a while if the economic situation continues to deteriorate and decline.
Venezuela suffers from severe US sanctions imposed on the regime of President Nicolas Maduro, which prevents the country from exporting oil and benefiting from its cash imports.

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