Venezuela Changes Currency

Venezuela is launching a currency with the new year, cutting off three zeros from denominations in a bid to simplify finances and boost confidence in a money that has been losing value due to high inflation. President Hugo Chavez's government says the strong bolivar will make daily transactions easier and cure some accounting headaches. Officials also said it is part of a broader effort to contain rising prices and strengthen the economy. Prices have risen as Chavez has pumped increased amounts of the country's oil income into social programs, reinforcing his support among the poor and helping to drive 8.4 percent economic growth in 2007.