Hello, this is David Austin with the BBC news.
New Venezuelan banknotes set to be issued later as the government tries to tackle an economic crisis. The monetary authorities will in effect slash five zeros from Venezuela's ailing bolivar currency in an effort to stem hyperinflation. Here's Katy Watson.
Critics say this overhaul is nothing more than a facelift that fails to address Venezuela's grave economic problems. Not only will the new sovereign bolivar shed five zeroes, but it will also be backed by the petro, a crypto currency that investors have called a sham. This little understanding of how these changes will work in practice. Over the weekend, people were bulk-buying supplies, unsure of what the next few days would bring. Their confusion was compounded by an announcement last week that the minimum wage would be increased by more than 3000%.
World news from the BBC.