Venezuela cancels 5 zeros from its currency

Venezuela cancels 5 zeros from its currency


 
08/20/2018

Economy News Baghdad

Venezuela has launched a new currency linked to its virtual currency "Petro" as part of a series of reforms announced by President Nicolas Maduro, where the new currency will enter the markets as of Monday.

The new currency, dubbed the sovereign Bolivar, will be linked to the "petro" virtual currency, and the price of the "petro" will be about $ 60 based on the price of a barrel of Venezuelan oil equivalent to the new currency of 3,600 Bolivar sovereigns, indicating a significant devaluation.

Maduro recently announced that the country needed to implement a "fiscal discipline" system and to stop printing money too much in recent years.

Maduro's new economic reforms include raising the minimum wage to half a petro (1800 Bolivar sovereign).

This amount is about $ 28, which means a 34-fold increase from the previous minimum wage, which was equivalent to less than $ 1 per black market price.

In parallel, the three main opposition parties called on Saturday for a general strike on Tuesday to protest against the reforms.

http://economy-news.net/content.php?id=13317

LOL they were gonna do 3 zeroes and realized that wouldn't do a damn thing...glad Iraq is gonna spike their currency value more than 35000% overnight to solve their issues...

Must be the '5' zeros running the banks there-Venezuela doesn't have a pot to piss in, let alone a window to throw it out of-