Maduro announced the denomination of the national currency of Venezuela
The national currency of Venezuela - the sovereign bolivar will be denominated and tied to the Venezuelan crypto currency Petro from August 20, said the country's president, Nicholas Maduro, reports El Nacional.
Maduro said that the updated Bolivarians will lose five zeros. According to him, the peg to the crypto currency will stabilize the financial situation in the country.
From January 2017 to January 2018, inflation in the country exceeded 4000%, and in February its rate was more than 6000%. At the same time, Bloomberg for the fourth consecutive time called Venezuela the country with the most "unhappy" economy in the world.
In March, the Venezuelan president said that the national currency should be denominated to strengthen the economy of the country in crisis. The changes were proposed to be introduced on June 4, the bolivar had to lose three zeros.
On July 24, the IMF warned that inflation in Venezuela could reach 1 000 000% by the end of the year, if the authorities do not change the financial policy.