Venezuela president solution to inflation: Change money

[TexasTowelie]

CARACAS, Venezuela (AP) — President Nicolas Maduro attempted to tackle Venezuela's staggering inflation Thursday by lopping three zeros off the increasingly worthless currency called the bolivar.

New bills replacing those like the current 100,000 note — worth less than 50 U.S. cents on the commonly used black market — should begin circulating June 4, he said.

The move comes as Venezuelans struggle to find food, medicine and cash in the worst economic crisis ever to strike the oil-rich country.

"Let's defend our bolivar!" Maduro said in a state television broadcast.

He said the "redenomination" will relieve the cash shortages.

Read more: https://hosted.ap.org/banner/article/dcd9b443364c4c50aaa9ec125083c9b9/venezuela-president-solution-inflation-change-money

[dameatball]

1. I think we should base our currency on cats. Mine pretty much sleeps all the time so ya know

[GatoGordo]

2. The second time in ten years. The Bolivar has lost 99.6% of its value in last two years

Maduro announces new currency reconversion
Eliminate three zeros to the bolivar

By ABEL LÓPEZ | [e-mail]
MARCH 22, 2018 06:55 PM | UPDATED ON MARCH 22, 2018 20:46 PM
President Nicolás Maduro announced on Thursday a new monetary reconversion in the country, which will be applied from Monday, June 4. The strong bolivar will be replaced by the "sovereign bolivar".

The president said that the national currency will have the elimination of three zeros in order to achieve a "structural and definitive solution, to give stability to the country."

"Since June 4, the entire monetary cone that is in the country is demonetized, what do you think?" He added.

This would be the second monetary reconversion in 10 years. In 2008, then-President Hugo Chávez put the strong bolivar into circulation.

At the end of 2016 the Executive put into circulation six new bills, Bs. 500, Bs. 1,000, Bs. 2,000, Bs. 5,000, Bs. 10,000 and Bs. 20,000; a year later a seventh bill of Bs. 100,000 and this month a new security element to the latter. All this paper money will lose validity from the 4 of June.

Soon a coin of 50 cents and one of 1 bolivar will come into circulation, as well as bills of Bs. 2, Bs. 5, Bs. 10, Bs. 20, Bs. 50, Bs. 100, Bs. 200 and Bs. 500 .

http://www.el-nacional.com/noticias/economia/maduro-anuncia-nueva-reconversion-monetaria_227997

First, the Bolivar.

Then, in 2008, the Bolivar "Fuerte" (Strong)

Now, the Bolivar "Soberano" (Sovereign)

A 40,000,000% drop in value since Chavismo came in 1999.