Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said.
Venezuela has stripped 14 zeros from its bolivar currency over the last 13 years due to its problems with inflation.CARACAS - Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said on Thursday.
The once-wealthy oil producer is enduring its fourth year of hyperinflation and its eighth year of recession.Inflation was almost 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures. Transactions made in the local currency are usually done by card payment or bank transfer rather than in cash.
However, Aristimuno warned that while"convenient" this measure will not transform Venezuela's battered economy.
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