A million to 1: Venezuela’s currency losing 6 zeros

Photo: The Associated Press

 

Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the South American nation.

By Independent

Aug 6, 2021

Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.

Venezuela’s central bank on Thursday announced the change to the bolivar will go into effect Oct. 1.

The new 100 bolívar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolívar.

This is the third adjustment since socialist leaders began governing Venezuela. The bolívar lost three zeros in 2008 under now-deceased President Hugo Chávez, while his successor, Nicolás Maduro, eliminated five zeros in 2018.

Venezuela is in its sixth year of recession. Millions live in poverty, with high food prices that are commonly set in U.S. dollars and low wages.

Read More: Independent – A million to 1: Venezuela’s currency losing 6 zeros

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