Venezuela changes the monetary unit of its currency in light of a sharp rise in inflation

The Central Bank announced today, Thursday, that Venezuela will change the monetary unit of its currency and remove six zeros from it for the second time. in three years to correct the deterioration of the local currency, the bolivar, in light of the collapse of the economy.

President Nicolas Maduro cut five zeros from the currency in 2018 in an effort to simplify complex transactions and accounting processes.

“The value of the bolivar will not change in any way and, to simplify its use, its monetary unit has been simplified, “the central bank said in a note.

This measure is far less important than the recent currency reform, as Maduro allowed the use of the dollar in economic transactions in 2019, which led to the use of the US currency. in many transactions.

The products are now highly valued in dollars, even if they are paid in the end in olivar.

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