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Venezuela to issue new bolivar banknotes after dramatic fall in value
Source: Reuters
Venezuela to issue new bolivar banknotes after dramatic fall in value
Reuters
Sunday 4 December 2016 16.49 GMT
Venezuela will introduce six new notes and three new coins from mid-December to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank.
Currently, the Opec nation’s largest note is worth just 2 US cents on the black market, meaning cash transactions are extremely cumbersome.
The bolivar currency has suffered its most dramatic monthly fall in history, down 60% since early November against the dollar on the black market, as the country struggles with a major economic crisis that is leaving millions hungry and the medical sector in crisis.
The largest of the new bills, according to a central bank communique, will be worth 20,000 bolivares, just under $5 (£3.90) on the streets. It will be accompanied by notes of 10,000, 5,000, 2,000, 1,000 and 500 bolivares and three coins of smaller value.
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Reuters
Sunday 4 December 2016 16.49 GMT
Venezuela will introduce six new notes and three new coins from mid-December to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank.
Currently, the Opec nation’s largest note is worth just 2 US cents on the black market, meaning cash transactions are extremely cumbersome.
The bolivar currency has suffered its most dramatic monthly fall in history, down 60% since early November against the dollar on the black market, as the country struggles with a major economic crisis that is leaving millions hungry and the medical sector in crisis.
The largest of the new bills, according to a central bank communique, will be worth 20,000 bolivares, just under $5 (£3.90) on the streets. It will be accompanied by notes of 10,000, 5,000, 2,000, 1,000 and 500 bolivares and three coins of smaller value.
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Read more: https://www.theguardian.com/world/2016/dec/04/venezuela-20000-bolivar-banknotes-economic-crisis