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New Currency Launched in Venezuela, Revaluing Old Bolivar Currency.

by | Aug 22, 2018

Venezuela came to a standstill on Tuesday as the country tried to deal with its newly introduced currency.

Thousands of businesses closed in order to adapt to the “sovereign bolivar”, and many workers stayed at home.

President Nicolás Maduro launched the new banknotes on Monday, revaluing and renaming the old bolivar currency.

The government says this will tackle runaway inflation, but critics say it could make the crisis worse. The notes went into circulation on Tuesday.

President Maduro had declared Monday to be a bank holiday.

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