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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. "August 20 starts (…) the economic recovery plan with the conversion monetary, five zeros less," said Mr. Maduro during a meeting of his cabinet. Initially, the president had announced the printing of new notes 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 already been postponed at the request of the Central Bank.
The measure announced Wednesday by Nicolas Maduro aims, he said, to "facilitate financial transactions "and to" protect "the bolivar. "Five zeros less to have … a new stable financial and monetary system," said the Venezuelan head of state. Mr. 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.
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