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Venezuelan president announces 96% devaluation in currency

Nicolas Maduro
Nicolas Maduro. Photo: Mikhail Svetlov/Getty Images

Venezuelan President Nicolás Maduro ordered a 96% devaluation of its currency ahead of the release of the new Bolivar later this month, reports CNBC.

Why it matters: This is part of an economic recovery strategy that Maduro says will ease hyperinflation in the country. He also announced a hike in minimum wage by more than 3,000%, an increase in corporate taxes, and a new currency called the Sovereign Bolivar, based on the country's Petro Cryptocurrency.