This is the third time Venezuela's socialist leaders have lopped zeros off the currency. The bolivar "will not be worth more or less it is only to facilitate its use on a simpler monetary scale," according to a Central Bank statement. They also underscored that the elimination of six zeros doesn't otherwise affect the value of the currency. When Venezuela's Central Bank announced the currency change last month, officials said payment systems will be modernized to expand digital use of the bolivar. Nowadays, most transactions are made electronically, and Guerra said that more than 60% are made in U.S. dollars and digital payment methods, such as Zelle and PayPal, to make purchases. Under the old system, a 2-liter bottle of soda could cost more than 8 million bolivars - and many of those bills were scarce, so a customer might have to pay with a thick wad of paper.īanks allowed customers to withdraw a maximum of 20 million bolivars in cash per day, or sometimes less if the branch was running short. Todays exchange rates and currency conversion rates will help you determine the value of your money in case of currency exchange. For example, if 1 USD 0.87 EUR, then the USD to EUR exchange rate is 0.87. The value of one currency when exchanged for another currency. Money transferred within your country of residence. are not intended for hyperinflation, but for a normal economy." Any 2 currencies paired for the purpose of comparing how much each currency is worth relative to the other. "These debit card payment processing systems or an accounting system for companies. "The most important and fundamental reason is that the payment systems are already collapsed because the number of digits make the payment systems and doing the math practically unmanageable," said Jose Guerra, an economics professor at the Central University of Venezuela. The million-to-1 change for the bolivar is intended to ease both cash transactions and bookkeeping calculations in bolivars that now require juggling almost endless strings of zeros. The new currency tops out at 100 bolivars, a little less than $25 - until inflation starts to eat away at that as well. "In the end, I couldn't buy anything, I didn't have enough money."īefore the adjustment, the highest denomination was a 1 million bolivar bill that was worth a little less than a quarter as of Thursday. "Today, I went to the supermarket and everything was marked in dollars," Lourdes Portelo, an office worker, said in a shopping center in the east side of Caracas. CARACAS, Venezuela - A new currency with six fewer zeros debuted Friday in Venezuela, whose currency has been made nearly worthless by years of the world's worst inflation.īut the new bills were nowhere to be found in the capital, where consumers' fears that prices will continue to spiral upward proved to be right.
0 kommentar(er)
