Economy & Business - September 2021

VENEZUELA: Digital currency and reconversion unlikely to bring stability

Venezuela’s central bank (BCV) announced on 5 August that when a new digital currency – the ‘bolívar digital’ – comes into force in the country on 1 October, it will be revalued to a new, simplified scale. The bolívar will lose six zeroes from its value (dividing it by one million), according to a briefing from the communications minister, Freddy Ñáñez. It follows similar efforts in 2007 when the currency lost three zeroes and was renamed the bolívar fuerte, and in 2018, when it lost five zeroes and became the bolívar soberano. In fourteen years, the bolívar will have lost fourteen zeroes.

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