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Venezuela to subtract six zeros from currency in second overhaul in three years
By Mayela Armas, Brian Ellsworth, and Luc Cohen
Reuters
Friday, October 1, 2021
CARACAS -- Venezuela today will launch its second monetary overhaul in three years by cutting six zeros from the bolivar currency in response to hyperinflation, simplifying accounting but doing little to ease the South American nation's economic crisis.
The plan seeks to simplify accounting at businesses and banks, where systems can no longer handle the huge figures. Venezuela's year-on-year inflation is 1,743%, according to the Venezuelan Finance Observatory. A minimum wage salary is barely $2.50 per month.
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"The conversion does not change anything, because the problems in the country continue," said Victor Mendez, a 56-year-old accountant while buying food in Caracas. "We continue to suffer from a lack of water and gasoline." ...
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