Venezuela reportedly to redenominate bolívar in August 2021

According to a Bloomberg article dated 1 July 2021, Venezuela plans to redenominate its currency at a rate of 1,000,000:1 (effectively removing six zeroes) as early as August 2021. The country previously redenominated at a rate of 100,000:1 on 20 August 2018, and at a rate of 1,000:1 on 1 January 2008. The current largest denomination banknote is 1,000,000 bolívares, expressed on the note (B384a) with a predominant 1 followed by the descriptive millón de bolívares. It’s therefore likely that the bank intends to retain the bolívar currency name while reusing the existing note designs.

Courtesy of Dennis Zammit.

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