A 5 pound chicken costs 14,600,000 bolivars in Venezuela. How do you solve this problem of needing such huge amount of cash, can you solve it by just making a new currency with less zeros?

Question

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In: Economics

Answer 1

They did do that. They went from the bolivar, to the bolivar fuerte, to the bolivar sobrano.

The first changeover slashed 3 zeros in 2008. The second slashed 5 zeros in 2018.

Not that it fixes the problem of hyperinflation, and there is some expense in changing over. But it does help with the wheelbarrow full of paper currency issue.