Venezuela devalues currency by 96 percent


Venezuela has devalued its currency — the bolivar — by 96 percent under a new exchange rate announced by the central bank on Tuesday.
The announcement comes a day after new bank notes stripped of five zeroes entered circulation as part of a radical plan by President Nicolas Maduro to curb hyperinflation, though business leaders criticised the move as counter-productive.
The Central Bank of Venezuela set the rate at 68.65 bolivars to the euro, equivalent to around 60 bolivars per dollar.
It may be recalled that Venezuelans had used the national legal tender to make bags for sale in American dollars at some point.