Accessibility links

Breaking News

Venezuelan Officials Promise New Anti-Inflationary Measures

Venezuela's government has promised new measures to combat the country's inflation rate, which is the highest in the region.

Finance Minister Rodrigo Cabezas said Wednesday that his country's inflation rate of 22.5 percent is "unsatisfactory." He promised new anti-inflationary measures but did not disclose any details.

Meanwhile, Venezuela has begun using a new currency system in an effort to slow the inflation rate.

The "strong bolivar" entered circulation on Tuesday. It was created by taking three trailing zeros off the value of the former currency, the bolivar.

Officials say the new currency also will simplify transactions. But critics say they doubt it will stabilize rising prices.

Some information for this report was provided by AP, Bloomberg and Reuters.