Hyperinflation: Venezuela Cuts SIX Zeroes From Its Currency

Aug 2, 2023 | Economics, Finance, Videos

Venezuela has been fighting against hyperinflation for years, resorting to desperate measures to counter the economic crisis. In the latest bid to stabilize the economy, the country has unveiled new banknotes with six zeros less than the current ones. What used to be one million Bolivar will now be one. The new currency’s value will still be 25 US dollars.
The new banknotes are not the first such measure taken by the authorities. In 2008, during Hugo Chavez’s presidency, the Bolivar lost three zeros. The country’s current president Nicolas Maduro resorted to cutting five zeros as part of economic reforms implemented in 2018. Follow the journey of Venezuela’s battle against hyperinflation in the riveting documentary “Third Person.”

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David B