Maduro decides to remove 6 zeros from the "Sovereign Bolivar"

 


 Faced with the unstoppable collapse of the bolívar, the Venezuelan regime announced new measures to counteract inflation and the fall of the currency, announcing a new “Digital Bolívar”, which will have a parity of 6 zeros less than the “Sovereign Bolívar” that currently governs in the country.

 The bolivar, once a head currency in Latin America, has been totally devastated since the arrival of "21st century socialism" in Venezuela. Now, in another attempt to continue maintaining an increasingly battered economy, the Central Bank of Venezuela announced a new monetary cone that would lead to the creation of the "digital Bolivar" and the elimination of 6 zeros from the currency.

 “As of October 1, 2021, the digital bolivar will come into effect, by applying a monetary scale that removes six (6) zeros from the national currency. In other words, all monetary amounts and everything expressed in national currency will be divided by one million (1,000,000), ”says a statement from the Central Bank.

 Since the arrival of Chavismo to power, Venezuela has undergone three currency reconversions. The first in 2008 with Hugo Chávez, on that occasion he removed 3 zeros from the currency and was renamed "Bolívar fuerte", which had nothing strong.

 With the arrival of Maduro, Venezuela had two more currency reconversions, the first in 2018, when it removed 5 zeros from the currency and was renamed "sovereign Bolívar", which once again had nothing as sovereign, since it was based on the investments of China, Iran and Russia in the oil resources of Venezuela.

 Now, in 2021, Venezuela will undergo a third reconversion, this time removing 6 zeros from its currency and calling itself «digital Bolívar». The Venezuelan Bolivar has had 14 zeros removed in less than 13 years.

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