LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Venezuela to eliminate three zeros from currency; current exchange rate 43,980 bolivars for $1

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Venezuela to eliminate three zeros from currency; current exchange rate 43,980 bolivars for $1
Venezuelan President Nicolas Maduro has decided to eliminate three zeros off the country`s inflation-ridden currency, the bolivar, taking effect from June 4, as an economic measure to "guarantee commercial activities".
Written By: IANS
Updated: Fri, Mar 23, 2018
01:29 pm
Caracas, IANS
RELATED NEWS
Cash chaos as Venezuela stuck in currency limbo Cash chaos as Venezuela stuck in currency limbo
Venezuela's Maduro orders 100-unit banknotes out of circulation Venezuela's Maduro orders 100-unit banknotes out of circulation
Price of corn flour in Venezuela soars 900% Price of corn flour in Venezuela soars 900%
Venezuela enforces public sector leave on 3 weekdays Venezuela enforces public sector leave on 3 weekdays

Venezuelan President Nicolas Maduro has decided to eliminate three zeros off the country`s inflation-ridden currency, the bolivar, taking effect from June 4, as an economic measure to "guarantee commercial activities". "I have decided to reduce three zeros of the currency and take out of circulation the current bills and put into circulation new bills," Maduro said on Thursday during a broadcast on state channel VTV.

The President said that this new monetary denomination, which replaces the one he established in January 2017, will help the government fight the "economic war of financial persecution", which he claimed was masterminded by Colombian President Juan Manuel Santos with the help of Venezuelan opposition leader Julio Borges, Efe news reported.

"That war is directed from Colombia, personally directed by Santos, advised by Borges," he said, while also accusing them of "stealing" the country`s oil money.

However, 500 bolivars, the new maximum denomination of the country`s bills, amount to only $0.01, according to the official exchange rate of 43,980 bolivars per one dollar.

According to the President, this measure represents "the defence of the bolivar" and that these new bills will be known as "sovereign bolivar".

"There are those who propose to dollarise the Republic, no, Venezuela will not be a colony of the dollar, we will defend the Petro (the new Venezuelan cryptocurrency), we will defend the monetary, economic and financial sovereignty of the country," he said.

Venezuela`s new set of monetary denomination will consist of two coins, one of 0.50 cents of a bolivar ($0.00001) and the other of one bolivar ($0.00002).

In addition there will be bills of two bolivars ($0.00004), five bolivars ($0.0001), 10 bolivars ($0.0002), 20 bolivars ($0.0004), 50 bolivars ($0.001), 100 bolivars ($0.002), 200 bolivars ($0.004) and 500 bolivars ($0.01).

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Nicolas MaduroVenezuelan President Nicolas MaduroInflationBolivarEconomy
RELATED NEWS
Cash chaos as Venezuela stuck in currency limbo Cash chaos as Venezuela stuck in currency limbo
Venezuela's Maduro orders 100-unit banknotes out of circulation Venezuela's Maduro orders 100-unit banknotes out of circulation
Price of corn flour in Venezuela soars 900% Price of corn flour in Venezuela soars 900%
Venezuela enforces public sector leave on 3 weekdays Venezuela enforces public sector leave on 3 weekdays

LATEST NEWS

Rakesh Jhunjhunwala stock: This Big Bull holding gets a target hike I Details here

Tech analysis on Big Bull Rakesh Jhunjhunwala stocks: Tata Motors, Titan, Lupin and Escorts

Spotify suspends music streaming service of K-pop

Warren Buffett lesson: Oracle of Omaha buys back stock even as pandemic hits results; highlights of letter to Berkshire Hathaway investors

Big Warren Buffett Tip for you: Oracle of Omaha warns these investors

Warren Buffett mistake: $10 billion miscalculation - check Oracle of Omaha letter

Parents alert! Your kids spending long hours on smartphone? Don't panic - Read this

Covid 19 vaccination drive 2nd phase: PM Narendra Modi takes first dose of Covid 19 vaccine at Delhi AIIMS

Aguero needs time to return to best form, says Manchester City boss Guardiola

In chat with Anil Singhvi, analyst Vikas Sethi picks NCL, UPL as top buys for handsome returns

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved