Caracas
Venezuelan President Nicolas Maduro on Thursday announced the removal of five zeroes from the country’s currency – two more than originally planned – amid hyperinflation the IMF said could reach one million percent this year.

Maduro announced in a cabinet meeting that an “economic recovery” program involving “monetary reconversion” would commence August 20.

He previously said new bolivar bills with three zeroes fewer would enter circulation on August 4 — a measure already pushed back from June 4 at the request of banks.

The measure, according to Maduro, seeks to “protect” local currency.

“Five zeroes fewer, so that we may have a new, stable financial and monetary system,” he said.

Maduro blames hyperinflation on what he calls a “war” against the currency which is in serious shortage including exporting it to other countries such as neighbouring Colombia.