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Venezuela to remove 5 Zeros from its Currency (Bolivar)
August 8 , 2018
2301 days
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- Venezuelan President Nicolas Maduro has already decided to eliminate three zeros off the country's inflation-ridden currency, the bolivar. Now he decided to eliminate two zeroes totaling five zeroes.
- The move came after the International Monetary Fund (IMF) estimated that the country would see 1 million% inflation by the end of 2018.
- Venezuela's economic fall was among the world's deepest in the past six decades.
- The OPEC nation’s economy has been steadily collapsing since the 2014 crash of oil prices left it unable to maintain its socialist economic system that for years provided lavish subsidies while enforcing strict price controls.
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