Venezuela To Chop Off Six Zeros From Bolivar In 3rd Currency Redenomination In 13 Years | WHAT REALLY HAPPENED

Venezuela To Chop Off Six Zeros From Bolivar In 3rd Currency Redenomination In 13 Years

Prior attempts of the Venezuelan government to get a handle on several years of hyperinflation included the dramatic and unprecedented recent step of issuing 1 million bolívar bills. The high denomination bill issued in March of course did literally nothing to solve the underlying problems which started in earnest in 2016 under a collapsing system, but it only made ordinary Venezuelans' lives harder.

For example a single 1 million bolívar note would not currently be enough to buy a single cup of coffee, as a million bolivars is worth just over $0.32 US. The vast majority of working class people still need cash for daily transactions, including for public transit or local grocery and goods stores.

And now the next iteration of an attempted "solution" to the ongoing crisis is a fresh currency redenomination, which will mark no less than the third one in 13 years.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA