Venezuela Issues New Currency To Simplify Economy

CNN Reports Venezuela issued a new currency Monday in an attempt to bolster its nose-diving economy The troubled country is rolling out the bolivar soberano, or the sovereign bolivar -- a new currency with five fewer zeroes than its longtime currency, the bolivar. The purpose is to drop the bolivar's value more than 90% and simplify transactions in the hyperinflationary Venezuelan economy. A bank holiday was declared Monday, with banks remaining closed even as the new currency was to take effect. On Friday, President Nicolas Maduro announced new economic measures to go into effect starting Monday.