Venezuela is set to debut a new currency that will feature six fewer zeros, a response to years of some world’s worst inflation.
The highest denomination of the Venezuelan bolivar had previously been a one-million bolivar note, currently worth a little less than $0.25. That will now become a one bolivar note.
Introduced on Friday, the highest denomination for the new currency will be 100 bolivar, worth a little less than $25.
The change is meant to make cash transactions and accounting simpler, which are often complicated by a string of unwieldy zeroes. The inflation had led banks to limit how much cash individuals could withdraw in a day, and forced many of the country’s residents to use either United States dollars or electronic payment methods.
Source: www.aljazeera.com
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