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Venezuela postpones monetary overhaul by 2 months

Venezuela's government has postponed its planned monetary overhaul, in which three zeros will be removed from the local bolivar currency, to Aug. 4 from the original June 4 date, Reuters reported.

The currency overhaul comes as President Nicolas Maduro looks to tackle skyrocketing inflation and a crippling economic crisis that has resulted in cash shortages and made it difficult for millions of citizens to buy basic food items.

The country's opposition-controlled legislature estimates annual inflation to have reached around 14,000%, according to the report.

Banking industry executives had asked for the overhaul to be delayed, saying that the new notes and transaction systems were far from ready.