Venezuela introduces new currency with 6 fewer zeros

By REGINA GARCIA CANO and JORGE RUEDA
Associated Press

CARACAS, Venezuela (AP) — A new currency with six fewer zeros is debuting in Venezuela, whose currency has been made nearly worthless by years of the world’s worst inflation. But the new bills were difficult to find Friday in Caracas, where consumers’ fears that prices will continue to spiral upward proved to be right. The highest denomination before the adjustment was a 1 million bolivar bill that was worth a little less than a quarter as of Thursday. The new currency tops out at 100 bolivars, a little less than $25. The million-to-1 change is intended to ease cash transactions and bookkeeping calculations in bolivars that now require juggling almost endless strings of zeros.