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Venezuela to subtract six zeros from currency, second overhaul in three years

CARACAS (Reuters) - Venezuela on Friday 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. The (monetary) 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. President Nicolas Maduro s government in 2018 removed five zeros from the currency due to high prices. That came a decade after the late President Hugo Chavez subtracted three zeros from the bolivar with the promise of single-digit inflation, ....

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Venezuela to subtract six zeros from currency,...

Venezuela on Friday will launch its second monetary overhaul in three years by cutting six zeros from the bolivar currency in response to. ....

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