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President Nicolas Maduro move to lop five zeroes off currency worries Venezuelans

Updated : July 26, 2018 10:56 PM IST

The more aggressive so-called currency redomination comes in response to Venezuela's hyperinflation, which the International Monetary Fund has said will soar to 1 million percent this year, destroying salaries and throwing the OPEC nation's already battered economy into a deeper tailspin.
Maduro's announcement late Wednesday night spawned confusion as to whether there would be legal tender small enough to pay for public transit or gasoline.
It also remains unclear whether banks can adjust their systems and cash machines by the announced deadline of Aug. 20, as well as when all the new bills will arrive in Venezuela.
President Nicolas Maduro move to lop five zeroes off currency worries Venezuelans

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