Venezuela's bolivar official exchange rate against the US dollar changes to just 4.18 from 4.18 million overnight as the country slashes six zeroes off the inflation-hit currency to simplify transactions
A 5 bolivars new banknote is pictured beside an old half million bolivars in Caracas, Venezuela October 1, 2021.
Housekeeper Josefina Galindo said that she "went shopping without problems this morning. The new prices were displayed above the old ones. And there was always the price in dollars." Three in four Venezuelans today live in extreme poverty, according to a recent study, with the economic crisis made worse by US sanctions and the coronavirus pandemic.With the bolivar losing nearly all its value, seven one-million bolivar notes - very hard to come by - were needed to pay for one loaf of bread before Friday's currency update.
The biggest note in the retiring bolivar family, with a face value of a million, is worth barely $0.25 - not enough to buy a piece of candy. It will remain in circulation in parallel with the new notes for a few months. In Venezuela, the minimum public service wage is the equivalent of $2.5 per month and the average salary is about $50, while a basket of basic groceries for a family of five costs about $220.
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