Venezuela's new bolívar

http://www.economist.com/displayStory.cfm?story_id=10436099&fsrc=RSS

Venezuela’s revamped and renamed currency, the “bolívar fuerte” (strong bolivar), made its debut with the New Year, in a move designed not only to simplify transactions but also to tame high inflation. The former objective will be met, as the redenominated currency will have three fewer zeroes. The latter goal will not be achievable unless the government of President Hugo Chávez makes significant fiscal and other policy adjustments to address strengthening inflationary pressures. The chances of it doing so over the next year are poor.
The bolívar fuerte is valued at a fixed official rate of Bs2.15:US$1, versus Bs2,150:US$1 for the older currency. However, the dollar costs more than double that on the black exchange market, where the current rate is around Bs5.70:US$1.