Is this the start of the global currency ‘RV’ or re-evaluation we’ve been hearing rumours about, where currencies are put at parity? The news agency (AP) report below denies that the value of the new bolivar will be different, and that inflation will just continue on anyway, requiring the addition of more zeros over time. It is a completely ‘business as usual’, fear-based report. We wonder, however … This process has to start somewhere.
Venezuela introduces new currency, drops 6 zeros
An employee displays new bolivar banknotes ahead of a currency redenomination in Caracas, Venezuela. Venezuelan banks possess more than 90% of the new bolivar bills issued by the central bank as part of the currency ‘redenomination’ (Bloomberg)
ASSOCIATED PRESS (AP) Via LIVEMINT