Caracas (Venezuela), Aug 5 (AP) Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.

Venezuela's central bank on Thursday announced the change to the bolivar will go into effect October 1.

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The new 100 bolivar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolivar.

This is the third adjustment since socialist leaders began governing Venezuela. The bolivar lost three zeros in 2008 under now-deceased President Hugo Chavez, while his successor, Nicolas Maduro, eliminated five zeros in 2018.

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Venezuela is in its sixth year of recession. Millions live in poverty amid high food prices that are commonly set in US dollars and low wages.

The 1 million bolivar bill is currently the highest denomination, but it is scarce. More than seven of those bills are needed to buy a 1.3-gallon (5-litre) bottle of water, which cost 7.4 million bolivars or $1.84 dollars on Thursday. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)