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Financial News: VENEZUELA: Country To Slash Three Zeroes From Banknotes

VENEZUELA: Country To Slash Three Zeroes From Banknotes

03/25/2018 - 08:24:00 (RTTNews)

(RTTNews) - Venezuela is preparing to slash three zeroes to its currency bills. New banknotes should reach the tellers in June, said the President Nicolas Maduro, in a move that seeks to alleviate the high consumer price inflation that the country is going through.

Maduro noted that June 3 would be the deadline to use or deposit the current bills in public and private national banks, both public and private. As of June 4, only the new notes and coins will have value.

Maduro said that the new monetary unit, which will be identified as Bolivar Soberano, will have coins of 0.5 cents and a bolivar as well as 2, 5, 10, 20, 50, 100, 200 and 500 bolivares bills.

"This action will help defend the national currency from the financial attack perpetrated by imperialist sectors," the president said while announcing the move.

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