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Venezuela Delays New Currency Rollout, Slashes More Zeroes

  • Maduro says Petro cryptocurrency will back the new bolivar
  • Government will lop five zeroes off currency instead of three
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Photographer: Wil Riera/Bloomberg

President Nicolas Maduro late Wednesday announced a two-week delay to a planned currency redenomination to Aug. 20, when Venezuela will lop five zeroes off the refurbished bolivar and also link it to the country’s Petro cryptocurrency.

By “anchoring” the Sovereign Bolivar, as the new currency will be called, the Petro will help stabilize the economy, Maduro said in a speech on state television.