Bolivar

International: Venezuela to revalue ailing bolivar currency from June 4

Venezuela’s President Nicolas Maduro ordered a “re-denomination” of the ailing bolivar currency on Thursday, by knocking three zeroes off amid hyperinflation and a crippling economic crisis.

The measure to divide the so-called bolivar fuerte - or “strong bolivar” - currency by 1,000 would take effect from June 4, the socialist leader said.

The move illustrates the collapse of the bolivar, which has fallen 99.99 percent against the U.S. dollar on the black market since Maduro came to power in April 2013.