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The stacks of cash needed to buy basic goods tell Venezuela’s insane inflation story

In a desperate bid to curb its runaway inflation rate, Venezuela has lopped five zeros from its currency.

  • Edmund Heaphy
  • Quartz

The move yesterday, which came along with a 95% devaluation of the currency—known as the “strong bolívar”—was also accompanied by a hike in gas prices and a 3,000% increase in the minimum wage.

Hef 1aNew banknotes for the currency, now called the the “sovereign bolívar”, were introduced.

The redenominated bolívar is now pegged to the petro, a state-run cryptocurrency that doesn’t trade and some consider a scam.

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