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LatinNews Daily - 06 August 2021

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In brief: Venezuela knocks six zeroes off currency

* Venezuela’s central bank (BCV) has announced a new monetary reconversion that will see six zeroes taken off the nominal value of the national currency, the bolívar, as the country struggles to rein in hyperinflation. The changes, which will come into force on 1 October, will coincide with the introduction of a central bank digital currency (CBDC), the Bolívar Digital, which a central bank statement described as “a historic milestone at a moment in which the country is beginning on the road to economic recovery.” The Bolívar Digital will be worth the same amount as the hard currency, but will “use a more simple monetary scale to facilitate its use”. This will be Venezuela’s third monetary reconversion of the 21st century, after eliminating three zeroes from its currency in 2007 and eight zeroes in 2018.