The bolívar fuerte (strong bolivar) currency of Venezuela is to be redenominated Aug. 20 and renamed the bolívar soberano (sovereign bolivar), President Nicolás Maduro said July 25.
The redenomination, which is to counteract hyperinflation, removes five zeros from the bolívar fuerte, with 1 bolívar soberano equivalent to 100,000 bolívares fuertes.
Maduro had proposed eliminating three zeros instead of five, and the planned implementation Aug. 20 overrides the previously announced Aug. 4 implementation date.
The value of the bolívar soberano is to be influenced by Venezuela’s government-run cryptocurrency, known as el Petro (the Petro), Maduro said in a news release posted ...
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