BREAKING: Venezuela devalues currency by 96%

Tue, Aug 21, 2018 | By publisher


Business

Venezuela has devalued its currency — the bolivar — by 96 percent under a new exchange rate announced by the central bank on Tuesday.

The announcement comes a day after new bank notes stripped of five zeroes entered circulation as part of a radical plan by President Nicolas Maduro to curb hyperinflation, though business leaders criticised the move as counter-productive.

The Central Bank of Venezuela set the rate at 68.65 bolivars to the euro, equivalent to around 60 bolivars per dollar. (AFP)

– Aug. 21, 2018 @ 17:39 GMT |

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