Venezuela introduces new currency with six fewer zeros

The bolivar lost three zeros in 2008 under the late President Hugo Chávez, while his successor, current President Nicolás Maduro, eliminated five zeros in 2018

A new currency with six fewer zeros debuts on October 1 in Venezuela, whose currency has been made nearly worthless by years of the world’s worst inflation.

The highest denomination until now was a 1 million bolivar bill that was worth a little less than a quarter as of September 30. The new currency tops out at 100 bolivars, a little less than $25 — until inflation starts to eat away at that as well.

The million-to-1 change for the bolivar is intended to ease both cash transactions and bookkeeping calculations in bolivars that now require juggling almost endless strings of zeros.