Venezuela's new money has 5 fewer zeros

A day after the IMF said Venezuela's inflation could top 1 million per cent this year, the nation has released new money with five fewer zeros.

Venezuelan President Nicolas Maduro says the country will soon have new money with five fewer zeros in a battle against runaway inflation.

Maduro said on Wednesday the new bills will begin circulating August 20.

The announcement comes two days after the International Monetary Fund projected Venezuela's inflation could top 1 million per cent this year.

Once wealthy from oil, Venezuela is five years into an economic crisis with shortages of food and medicine driving mass migration.

Printing new money is a move Venezuela has taken before to combat the flagging economy.

Maduro spoke on national TV to his economic team, also vowing a renewed focus on Venezuela's failing oil sector.

Paper money is hard to get in Venezuela, where the largest bill today is the 100,000-bolivar note, equal to roughly 30 cents.