Caracas – The Venezuelan government plans to devalue its currency by six zeros as a measure to counter a six-year recession and a 2,000% rise in inflation. According to the plan, the 100-bolivar note will be the highest valued currency note from October. Moreover, its actual value will be 100 million bolivars. It is also reported that the Venezuelan central bank will launch a digital currency.
Venezuela’s economy has been in a deep slump since 2018. According to various reports from the United Nations and other international organizations, the situation in Venezuela is anarchic, with an estimated 5 million people fleeing the country. Over the past four years, the United States has imposed stringent sanctions on Venezuela, which has affected the fuel, tourism and mineral sectors.