Three less zeros for Venezuelan bank notes

Venezuela's President Nicolas Maduro announced on Thursday that he has ordered three zeros to be knocked off the denomination of the country's bank notes.

"I have decided to take three zeros off the currency and to take out of circulation the current currency and to put into circulation a new currency with three less zeros, so as to safeguard the commercial and monetary activity of Venezuelans," he told a conference.

Venezuela's currency, the bolivar, is being hit by hyper inflation due to an economic crisis that has resulted in severe shortages of basic goods including some foods . The bolivar has all but collapsed against the dollar since Maduro came to power in 2013.

It has plunged over 99 percent on the black market, meaning a hundred dollars is now worth just one single U.S. cent.