A Million to 1: Venezuela’s Currency Losing 6 Zeros
Associated Press | August 5, 2021CARACAS, Venezuela (AP) — Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.
Venezuela’s central bank on Thursday announced the change to the bolivar will go into effect Oct. 1.
The new 100 bolivar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolivar.
This is the third adjustment since socialist leaders began governing Venezuela. The bolivar lost three zeros in 2008 under now-deceased President Hugo Chávez, while his successor, Nicolás Maduro, eliminated five zeros in 2018.
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The 1 million bolivar bill is currently the highest denomination, but it is scarce. More than seven of those bills are needed to buy a 1.3-gallon (5-liter) bottle of water.
Their credit card statements must use really tiny fonts.
The savvy businessman there still does that .99 thing to make you think you are paying less.