Monday 1 June, 2020

Inflation-hit Venezuela unveils new money with 5 fewer zeros

Venezuelan President Nicolas Maduro says the country will soon have new money with five fewer zeros in a battle against runaway inflation.

Maduro said Wednesday the new bills will begin circulating August 20.

The announcement comes two days after the International Monetary Fund projected Venezuela's inflation could top 1 million percent this year.

Once wealthy from oil, Venezuela is five years into an economic crisis with shortages of food and medicine driving mass migration.

Printing new money is a move Venezuela has taken before to combat the flagging economy.

Maduro spoke on national TV to his economic team, also vowing a renewed focus on Venezuela's failing oil sector.

Paper money is hard to get in Venezuela, where the largest bill today is the 100,000-bolivar note, equal to roughly 30 cents.

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