Venezuela will remove six zeros from the country’s inflation-ravaged currency, the country’s central bank states.

The change will take effect on 1 October with the issuance of new banknotes.

- All sums of money expressed in the national currency will be divided into one million, it is stated in a statement from the central bank. The goal is to “facilitate” the use of bolivar.

Venezuela is in a deep economic crisis. From January to May, prices rose by 265 percent.