the bolivar will soon lose five zeros

President Nicolas Maduro announced Wednesday that Venezuela will soon remove five zeros from its currency, the bolivar, while inflation in this country in crisis could reach 1,000,000% this year according to the IMF.

"Turnaround Plan." "August 20 starts (…) the plan of economic recovery with the conversion monetary, five zeros in less," said Nicolas Maduro during a meeting of his cabinet.

Initially, the president had announced the printing new bills with three zeros less, a measure that should have come into effect on August 4. Originally scheduled for June 4, the introduction of a new currency had previously been postponed at the request of the Central Bank.

"Facilitating Financial Transactions" The measure announced Wednesday by Nicolas Maduro aims, according to him, to "facilitate financial transactions" and "protect" the bolivar. "Five zeros less to have … a new stable financial and monetary system," said the Venezuelan head of state. Nicolas Maduro argues that the economic crisis and hyperinflation in his country are the result of an "economic war" by the Venezuelan right and the United States to overthrow him.