The Venezuelan President announced currency denomination in the country

Президент Венесуэлы объявил о деноминации валюты в стране

Enlargement of the monetary unit is intended to ensure economic stability, said Nicolas Maduro. The new banknotes entered into circulation on June 4, 2018.

Venezuelan President Nicolas Maduro announced to the denomination of the Venezuelan currency, the Bolivar. The leader of the country said on local television, RIA Novosti reported.

“I decided to remove three zeroes from the current money, to replace the currently in circulation banknotes and introduce new ones to ensure the country’s economic stability,” stressed Maduro and showed samples of the new money entered on 4 June.

It is noted that in Venezuela after a long hiatus, returned coins. Also introduced into circulation new banknotes of 200 bolivars with a portrait of the national hero of the country, Francisco de Miranda, and 500 bolívares with the image of another national hero Simon Bolivar.

We will remind, the difficult economic situation led to high inflation in Venezuela.

The level of accumulated inflation in the country from February 2017 to February 2018 exceeded 6000%.

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