Venezuela knocks three zeros off ailing currency amid hyperinflation

Section:

By Corina Pons and Deisy Buitrago
Reuters
Thursday, March 22, 2018

CARACAS, Venezuela -- Venezuela's President Nicolas Maduro ordered a re-denomination of the ailing bolivar currency today by knocking three zeroes off amid hyperinflation and a crippling economic crisis.

The measure to divide the so-called bolivar fuerte -- or "strong bolivar" -- currency by 1,000 would take effect from June 4, the socialist leader said. It would not have any impact on the bolivar's value.

The move illustrates the collapse of the bolivar, which has fallen 99.99 percent against the U.S. dollar on the black market since Maduro came to power in April 2013. A $100 purchase of bolivars then would now be worth just a single U.S. cent. ...

... For the remainder of the report:

https://www.reuters.com/article/us-venezuela-economy/venezuela-knocks-th...



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