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Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said Thursday.
'All monetary amounts expressed in national currency will be divided by one million,' the bank of President Nicolas Maduro's beleaguered leftist government said.
Maduro's socialism has bankrupted a once prosperous oil-rich nation, with crumbling infrastructure, lack of water and healthcare forcing 5 million people to emigrate.
The twin effects of the pandemic and failed oil industry mean Venezuela is enduring its fourth year of hyperinflation and its eighth year of recession.
Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said Thursday (pictured: file photo of a new 10,000 Bolivar note first issued in June, 2019, to cope with continued devaluation of the currency)
