The Venezuelan bolivar, from banknote to children's toy AFP

For the third time in 13 years, Venezuela has reduced its inflation-hit currency, the bolivar, to zero. This time, it lost six zeros, for a total of 14 since 2008. So, overnight, a million bolivars have only one left, the equivalent of about 25 cents of US dollars. Venezuela's central bank announced a move last month aimed at simplifying transactions as consumers scramble to make payment for even the most basic goods or services. According to private sector estimates, about two-thirds of transactions in the country are now done in US dollars. Old bolivar notes, worth almost nothing, have become children's toys or are thrown into the streets of the country. The country, once a rich oil producer, is grappling with its eighth year of recession and hyperinflation that reached nearly 3,000% in 2020 and more than 9,500% the year before, according to central bank figures .

Please take the opportunity to connect and share this video with your friends and family if you find it useful.