In a new attempt to stop voracious inflation in Venezuela, the highest in the world, President Nicolás Maduro announced Thursday that he will eliminate three zeros to the local currency, the bolívar fuerte, and that he will print a new family of notes in time. For analysts this measure is doomed to failure if the government does not correspond to the economic imbalances that have worsened with the passage of almost 20 years of Chavez government.
In his announcement from the Miraflores palace, the president said he would eliminate the current ones and that from June 4 a new currency would be circulating that he called the "sovereign bolivar". The one of 500 bolivares (11.3 dollars according to the official exchange and 2.1 dollars in the black market) will be from that moment the highest denomination ticket.
The governor signed the decree that eliminates the real monetary currency of the country - effective as of the end of 2016 - of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 bolivares, to now put into circulation 50 cents and one bolivar , and bills of two, five, 10, 20, 50, 100, 200 and 500 bolivars.
Hyperinflation is lived in a newspaper in Venezuela not only because salaries fall short to pay for daily life, but because it takes an exaggerated amount to buy any basic product. To that is added the shortage of cash in automatic cars and that in the bank only the withdrawal of up to 10,000 bolivars is allowed. Venezuelans end up making electronic payments to exchange goods, a year ago The government issued the highest denomination ticket in the country, that of 100,000 bolivares (which will now become 100). He did it then to help pay the cheaper products for inflation, but he did not achieve his goal because you can only buy a coffee or a bottle of water.