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.