Venezuelans nervously await dramatic economic reforms

CARACAS, Venezuela — Venezuela on Monday began to launch dramatic reforms announced by President Nicolas Maduro to rescue a downwardspiraling economy, including a new currency and a more-than-3,000 percent hike in the minimum wage.

The changes start with the introduction of a currency that lops five zeros off the country’s fast-depreciating bills. Maduro said he’ll also raise gasoline prices to international levels — a combination of measures critics say will only make things worse.

Opposition leaders seized on tension among residents, calling for a nationwide strike and protest Tuesday. They hope to draw large crowds into the streets against Maduro’s socialist ruling party — something they’ve failed to do in over a year.

Banks remained closed Monday as they prepare to release the “sovereign bolivar,” the new currency printed with five fewer zeroes in a bid to tame soaring inflation. Maduro’s government says that in late-September, the world’s cheapest gas will rise to international levels to curtail rampant smuggling across borders.

Maduro said Sunday that beginning Sept. 1, the minimum wage will also jump dramatically, bringing it up to around $30 at the widely used black market rate.

Economists say the package of measures is likely to accelerate hyperinflation rather than address its core economic troubles, like oil production plunging to levels last seen in 1947.

Inflation this year could top 1 million percent, according to economists at the International Monetary Fund. Inflation has made it difficult to find paper money.