Venezuelan President Nicolas Maduro with a sign showing the value of a petro compared with the new Venezuelan currency, the sovereign bolívar, at a meeting with in Caracas, Venezuela. Reuters/Miraflores Palace/Handout

In a plan designed to tackle hyperinflation, Venezuelan President Nicolas Maduro on Friday announced plans to raise his country's minimum wage and create a single exchange rate pegged to his government's petro-backed cryptocurrency, effectively devaluing the country's currency by 96%, Reuters reported.

Venezuelans rushed to shops Friday to stock up on goods before the monetary overhaul - which will remove five zeros from prices - took effect.

Hyperinflation has meant piles of cash are needed to buy basic products. Images by Reuters show the daily realities of the crisis.