Venezuela Eliminates 6 Zeros From Its Currency Starting October
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Starting October, Venezuela will eliminate 6 more zeros from its currency to save the bolivar.
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Venezuela will remove six zeros from its currency starting October 1.
According to the Venezuelan Central Bank, the country's currency, the bolivar, will drop six zeros on October 1, 2021, to combat hyperinflation.
The purpose behind the modification:
It is critical to note that the purpose of the modification is to "facilitate" the usage of the bolivar.
Venezuela, which has been subjected to economic sanctions, is experiencing the worst crisis in its modern history, with seven years of stagnation, hyperinflation, and a decrease in purchasing power.
Did the increase of minimum wage help?
Furthermore, between January and May, prices increased by 265 percent.
Hence, the government increased the minimum wage in May. However, even with this increase, it is still insufficient to buy one kilogram of beef.
Since President Nicolas Maduro got re-elected for a second term in 2018, the country has been subjected to harsh international sanctions, particularly from the United States, which is attempting to depose him.
Communications Minister Freddy Nanez Tweeted that the central bank will print new notes with face values of five, ten, twenty, fifty, and one hundred bolivars, as well as a one-bolivar coin.
