Venezuela Debuts New Currency To Tackle Hyperinflation, With 6 Fewer Zeros
HuffPost
The million-to-1 change for the bolivar seeks to ease cash transactions and bookkeeping calculations that required juggling almost endless strings of zeros.
CARACAS, Venezuela (AP) — A new currency with six fewer zeros debuts Friday in Venezuela, whose currency has been made nearly worthless by years of the world’s worst inflation.
The highest denomination until now was a 1 million bolivar bill that was worth a little less than a quarter as of Thursday. The new currency tops out at 100 bolivars, a little less than $25 — until inflation starts to eat away at that as well.
The million-to-1 change for the bolivar is intended to ease both cash transactions and bookkeeping calculations in bolivars that now require juggling almost endless strings of zeros.
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