Venezuela to remove five zeroes from currency

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Venezuela's President Nicolas Maduro holds a bank note of the new Venezuela's currency Bolivar Soberano (Sovereign Bolivar) as he speaks during a meeting with ministers at Miraflores Palace in Caracas, Venezuela July 25, 2018. REUTERS

CARACAS (AFP) – Venezuela has remove five zeroes from the country’s currency – two more than originally planned – amid hyperinflation the IMF said could reach one million percent this year. Its President Nicolas Maduro, announcing this in a cabinet meeting, said an “economic recovery” programme involving “monetary reconversion” would commence August 20. The measure, according to Mr Maduro, seeks to “protect” local currency. “Five zeroes fewer, so that we may have a new, stable financial and monetary system,” he said.

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