1. According to American media reports, a new currency 1 with six zeros missing made its debut in Venezuela. The worst inflation in the world has made the country's currency almost worthless for many years, and consumers there are worried that prices will continue to spiral. Facts have proved that this concern is correct. China media reported that a new currency 10 with six zeros missing made its debut in Venezuela. The worst inflation in the world for many years has made the country's currency almost worthless, and consumers there are worried that prices will continue to spiral, which has proved to be correct.
Second, when the Central Bank of Venezuela announced the currency reform last month, it said that it would modernize the payment system to expand the digital use of Bolivarian. They also stressed that removing six zeros will not affect the value of money. Just to promote its use on a simpler currency scale. But the difference in currency exchange confirms people's concern that prices will rise when the currency changes. On Friday, the price of dollars on the black market rose by more than 500,000 bolivars, from the previous 5.2 million dollars to 5.2 bolivars in the new currency.
Third, the official exchange rate rose slightly to 4, 1, 8 1, 78 1.84 bolivar, but most enterprises used black market dollars as pricing reference. After more than four years of hyperinflation, many Venezuelans believe that the new bill will also be short-lived. The central bank no longer publishes inflation statistics, but the International Monetary Fund estimates that by the end of 20021,Venezuela's inflation rate will reach 5500%. Two years ago, Maduro's government abandoned its long-term and complicated efforts to restrict US dollar trading and supported the local currency, which only aggravated inflation, and then the use of the US dollar accelerated. Dollar bills flow into Venezuela through a network of foreign bank account holders who receive commissions or through people who bring cash home.