VENEZUELA ISSUES NEW INFLATION BANKNOTES

The Central Bank of Venezuela (BCV) announced Friday the introduction of three new banknotes: 200,000, 500,000 and one million bolivars.

But with inflation skyrocketing, the highest denominated bill has a value of just $0.52 cents (€0.44 cents), according to the official rate.

These new notes will circulate alongside the 10,000-, 20,000-, and 50,000-bolivar bills currently in use.

But even the highest valued is worth only about $0.02 cents at current exchange rates.

Over the last few years, various Venezuelan governments have turned to printing new banknotes at different denominations as a way to get ahead of spiraling inflation.

But with interannual inflation rates running at 2,665% as of January, according to the central bank, the use of Venezuelan paper money has almost completely disappeared in favor of cards.

For the most part, prices in Venezuela are denominated in US currency, when stores show it.

To read the complete article, see:
Venezuela to introduce 1-million-bolivar bill (https://www.dw.com/en/venezuela-to-introduce-1-million-bolivar-bill/a-56791252)

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