Reuters/Miraflores Palace/Handout
Venezuela's President Nicolas Maduro holds a sign showing the value of a Petro compared with the new Venezuelan currency Bolivar Soberano (Sovereign Bolivar), as he speaks during a meeting with ministers at Miraflores Palace in Caracas, Venezuela.
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 on Friday to stock up on goods before the monetary overhaul - which will remove five zeros from prices - takes effect.
Hyperinflation has meant that piles of cash are needed to buy basic products. Images by Reuters show the daily realities of the crisis.