Central Banking

Venezuela lops zeros off bolivar to curb inflation

Venezuela revamped the bolivar on Tuesday by slashing three zeros from the currency in a bid to dampen rampant inflation, which hit 20.7% in the 12 months to November.

Gaston Parra Luzardo, the president of the Central Bank of Venezuela, said the change was "necessary to leave behind the consequences of a history of high inflation."

Parra Luzardo added that the move would improve the efficiency of the payment system and accounting practices.

Rodrigo Cabezas, Venezuela's finance minister, said

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