Venezuela has reduced the number of zeros in the bolivar
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After the denomination, the largest bill will have a face value of 100 bolivars and cost just under $ 25.
Venezuela issued new bills with six zeros less due to the depreciation of the bolivar, the agency reports. Associated Press.
Prior to the adjustment, the highest denomination was the 1 million bolivar note, which was worth just under 25 cents as of Thursday. Now the largest bill will have a face value of 100 bolivars and cost just under $ 25.
The denomination of the bolivar is intended to simplify both cash transactions and accounting calculations, in which there are currently a huge number of zeros, the agency notes.
Venezuela’s central bank announced a new currency denomination last month. Previously, a two-liter bottle of soda could cost more than 8 million bolivars, while banks allowed citizens to withdraw no more than 20 million bolivars per day. It was also reported that payment methods will be modernized to expand the digital use of the bolivar.
This is the third time that the Venezuelan government is conducting a denomination. Previously, the bolivar lost three zeros in 2008 and five zeros in 2018.
As a reminder, in February 2018 Venezuela issues Petro cryptocurrencyprovided with oil. Later President of Venezuela tied bolivar to cryptocurrency.
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