VENEZUELA DROPS TWO MORE ZEROS

Venezuela will remove five zeroes from the bolivar currency rather than the three zeroes originally planned, President Nicolas Maduro said on Wednesday, in an effort to keep up with inflation projected to reach 1 million percent this year.

The OPEC nation’s economy has been steadily collapsing since the 2014 crash of oil prices left it unable to maintain its socialist economic system that for years provided lavish subsidies while enforcing strict price controls.

Annual inflation in June topped 46,000 percent, according to the opposition-run Congress. The IMF said this week it could hit seven digits this year, putting it on par with the crises of Zimbabwe in the 2000s and Germany in the 1920s.

To read the complete article, see:
Venezuela to remove five zeroes from ailing currency (https://www.reuters.com/article/us-venezuela-economy/venezuela-to-remove-five-zeroes-from-ailing-currency-idUSKBN1KF36V)

To read earlier E-Sylum articles, see:
VENEZUELA PONDERS DROPPING THREE ZEROS (http://www.coinbooks.org/v21/esylum_v21n12a35.html)
VENEZUELA'S WORTHLESS BANKNOTES (http://www.coinbooks.org/v21/esylum_v21n29a34.html)

To read the complete article, see:
Iran's currency in free fall as American sanctions loom following U.S. decision to withdraw from nuclear deal (http://www.dailymail.co.uk/news/article-6004011/Irans-currency-free-fall-American-sanctions-loom.html)

Wayne Homren, Editor

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