<p class="title">Venezuelan President Nicolas Maduro on Wednesday 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.</p>.<p class="bodytext">Maduro announced in a cabinet meeting that an "economic recovery" program involving "monetary reconversion" would commence August 20.</p>.<p class="bodytext">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.</p>.<p class="bodytext">"Five zeroes fewer, so that we may have a new, stable financial and monetary system," he said.</p>.<p class="bodytext">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.</p>.<p class="bodytext">But the IMF, in forecasting one million percent inflation by year's end, said it expects Venezuela's to contract by 18 percent this year amid falling oil production.</p>.<p class="bodytext">It also pointed to economic "distortions," including printing money to finance the government.</p>
<p class="title">Venezuelan President Nicolas Maduro on Wednesday 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.</p>.<p class="bodytext">Maduro announced in a cabinet meeting that an "economic recovery" program involving "monetary reconversion" would commence August 20.</p>.<p class="bodytext">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.</p>.<p class="bodytext">"Five zeroes fewer, so that we may have a new, stable financial and monetary system," he said.</p>.<p class="bodytext">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.</p>.<p class="bodytext">But the IMF, in forecasting one million percent inflation by year's end, said it expects Venezuela's to contract by 18 percent this year amid falling oil production.</p>.<p class="bodytext">It also pointed to economic "distortions," including printing money to finance the government.</p>