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Venezuela Removes Five Zeros From Currency

 Venezuela Removes Five Zeros From Currency Venezuela Removes Five Zeros From Currency

In a bid to combat hyperinflation, Venezuela has unveiled new paper money with five fewer zeros. It comes after the IMF warned that the nation’s inflation could reach one million percent this year, DW reported. Venezuelan President Nicolas Maduro on Wednesday announced the removal of five zeros from the country’s currency—two more than originally planned—as the government struggles to control a relentless rise in inflation. The announcement came two days after the International Monetary Fund warned that Venezuela’s inflation could top one million percent this year. The new bills will begin circulating on August 20. Maduro previously said new bolivar bills with three zeros fewer would enter circulation on August 4—a measure already pushed back from June 4 at the request of banks. The latest measure, according to Maduro, seeks to “protect” local currency. “Five zeros fewer, so that we may have a new, stable financial and monetary system,” he said.

 

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