Venezuela will cut five zeros from its currency – Financial News – Financenet

At the Maduro Council of Ministers, a "recovery" program will begin on August 20th and will include a "monetary reconstitution".

He announced that the new Bolivarian banknotes would be released from 4 August. According to Maduro, the measure will protect the local currency

The International Monetary Fund (IMF) announced this week that Venezuela's inflation could reach one million pounds sterling. "We expect an inflation rate of up to one million dollars by the end of 2018 to signal that the situation in Venezuela is similar to that of Germany in 1923 or Zimbabwe in two hundred and thirty years, "writes the newspaper in a note. Director of the Western Hemisphere IMF, Alehandro Werner

According to the opposition-controlled parliament, consumer prices in Venezuela rose by 46.305% this year

The IMF forecasts a decline in 19% of the Venezuelan economy this year.

The Venezuelan economy has been slowing since the fall in oil prices in 2013, which resulted in a chronic shortage of food and medicine.