Venezuela Introduces New Bolivar Notes in Large Denominations

Caracas, Venezuela’s central bank will begin circulating new banknote denominations on Thursday amid spiralling inflation.

The 500-bolivar note will be the first of several new denominations to be introduced. New notes for 1000, 2000, 5000, 10,000 and 20,000 bolivars are to follow. New 10-, 50- and 100-bolivar coins are also being introduced.

Venezula’s ongoing economic crisis has led to the world’s highest inflation, which according to independent estimates will close out 2016 at 600-700 per cent.

The country’s currency has become close to worthless, with a black market exchange rate of 4,500 bolivars to the dollar – making the 100 bolivar bill worth about two US cents.

President Nicolas Maduro pulled the 100-bolivar note from circulation earlier this week in an attempt to fight speculation and currency hoarding.

Source: Qatar News Agency