Venezuela to Slash Six Zeros From Its Currency to Facilitate Payments

Venezuela to Slash Six Zeros From Its Currency to Facilitate Payments

The government of Venezuela is considering a new redenomination of its fiat currency. The proposal that is under study would cut six zeroes from the inflation-affected Bolivar. This would aid companies in processing taxes and provider payments that are absurdly complex with today’s numbers. However, the dollar is the predominant coin in retail payments in Venezuela, according to consulting firms. Venezuela to Redenominate Its Currency The government of Venezuela is studying a mathematical redenomination of its currency, the sovereign bolivar, to simplify payments for big companies.....


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Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Ag...

The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its value against the U.S. dollar. Venezuela Slashes Six Zeroes From Its Currency The Central Bank of Venezuela, the institution that dictates the monetary policy of the country, has applied a redenomination of its fiat....