Venezuela carries out massive devaluation with 'new bolivar'

Protests in Venezuela
María Alejandra Mora/Global Panorama

The Venezuelan government announced a massive devaluation of the bolivar on August 17 in a new attempt to tackle hyperinflation.

Venezuelan President Nicolás Maduro unveiled the new “sovereign bolivar”, which operates as legal tender from today (August 20). The United Socialist Party government’s economic plan anchors the new currency to the petro, the cryptocurrency the government created earlier this year. The petro is backed by Venezuela’s oil reserves.

Maduro announced the petro will have

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