Last July, Venezuelan leader Hugo Chavez proposed dropping the last three zeroes from the country’s currency and renaming it. The latest currency proposal from the Palacio de Miraflores is to reintroduce a specific 12.5 cent coin called the locha (image) which has been out of circulation since the 1970s. The Chavez administration contends that these measures- which are set to take place in January 2008- are needed to combat inflation though critics claim that it will confuse consumers and do nothing to combat what some deem as a “risky” financial policy.
Links- The Latin Americanist, International Herald Tribune, ABCmoney.co.uk
Image- Monedas de
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