New banknotes stripped of five zeros entered circulation in Venezuela on Monday as part of President Nicolas Maduro’s radical plan to curb hyperinflation, but business leaders branded the move as counterproductive.
The country appeared paralyzed. Most shops and businesses closed as Venezuelans reacted nervously to the issuing of the new “sovereign bolivar,” launched to replace the oil-rich, cash-strapped country’s crippled “strong bolivar.”
But Carlos Larrazabal, president of leading business association, Fedecamaras said the measure would only “increase economic instability….
Source: Seychelles News Agency