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Currency reconversion in Venezuela: One bolivar of tomorrow, 100 billion of yesterday

RIO DE JANEIRO, BRAZIL - Take the annual budget of an oil-producing country and keep it in local currency untouched. Wait 14 years, and that money, then equivalent to 50 billion dollars, will be worth 25 cents on the dollar. Unlikely? It has happened in Venezuela.

This Friday, October 1, a monetary reconversion takes effect in Venezuela, which will remove zeros from its destroyed currency, the bolivar, for the third time since 2008. This time six zeros will be eliminated, bringing the total to 14 in only 13 years.

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