Venezuela has for years seen some of the world’s worst inflation, complicating cash transactions amid economic crisis.
Venezuela is set to debut a new currency that will feature six fewer zeros, a response to years of some world’s worst inflation.
The highest denomination of the Venezuelan bolivar had previously been a one-million bolivar note, currently worth a little less than $0.25. That will now become a one bolivar note.
Introduced on Friday, the highest denomination for the new currency will be 100 bolivar, worth a little less than $25.
Upon announcing the currency change in September, Venezuela’s central bank said the bolivar “will not be worth more or less; it is only to facilitate its use on a simpler monetary scale”.
The change is meant to make cash transactions and accounting simpler, which are often complicated by a string of unwieldy zeroes. The inflation had led banks to limit how much cash individuals…