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Home>GoldWire>Venezuela knocks three zeros off ailing currency amid hyperinflation

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Venezuela knocks three zeros off ailing currency amid hyperinflation

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Chris Powell

GATA

Published : March 23rd, 2018

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	CARACAS, Venezuela -- Venezuela's President Nicolas Maduro ordered a re-denomination of the ailing bolivar currency today by knocking three zeroes off amid hyperinflation and a crippling economic crisis. The measure to divide the so-called bolivar fuerte -- or "strong bolivar" -- currency by 1,000 would take effect from June 4, the socialist leader said. It would not have any impact on the bolivar's value. The move illustrates the collapse of the bolivar, which has fallen 99.99 percent against the U.S. dollar on the black market since Maduro came to power in April 2013. A $100 purchase of bolivars then would now be worth just a single U.S. cent. ... ... For the remainder of the report: https://www.reuters.com/article/us-venezuela-...la-knocks-th...

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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