Venezuelan residents are expressing their confusion about the new currency that has been recently implemented by President Nicolas Maduro. The new currency is a part of the emergency measures that have been put in place to support the economy which is still continuing its fall.

The government headed by Maduro re-launched the Venezueland currency in the form of sovereign bolivar recently. This measure was implemented for targeting the hyperinflation which is capable of reaching, by the end of 2017, 1 million percent, as per the Internaitonal Monetary Fund. This new currency is going to be printed with 5 zeros lesser than the previous one. This change has caused a great deal of confusion as most Venezuelans are unable to understand the difference.

As things stands, Venezuelans are unable to withdraw over 10 sovereign bolivars in a single day from ATMs. However, they are allowed to make bigger purchases through a debit card. According to these new limits, it will take roughly one week to take out enough money from ATMs to purchase a 2-liter soda bottle.

At the moment, Venezuelan citizens have resorted to using calculators as well conversion charts to conduct even the most basic of transactions with the new currency. This includes the purchase of groceries which certainly complicates matters.

Apart from the re-launch of the currency, President Maduro has also promised to bring about a drastic rise in the minimum wage of the country by the 1st of September. He has also pledged to increase gas prices to international levels.

However, several economists have remained skeptic about these plans. They have stated that these measures are more likely to exacerbate inflation instead of reversing it.