Venezuela to shave six zeroes off its inflation battered currency

The Venezuelan central bank will shave six zeroes off the country’s currency, the bolivar, to make transactions less complicated, it said on Thursday.

The change will come into force on 1 October with the distribution of new currency notes.

“All monetary amounts expressed in national currency will be divided by one million,” the central bank said.

The value of Venezuela’s currency has been severely eroded by enormous inflation rates. The value of a country’s currency falls as prices rise as consumers can purchase fewer goods and services with each currency unit.

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