Venezuela will introduce six new notes and three new coins starting in 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 U.S. cents on the black market, meaning cash transactions are extremely cumbersome.
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Time For Truth: (Reuters) – Venezuela confirms bigger bills amid world's highest inflation
Venezuela’s embattled President Nicolas Maduro has warned world leaders at a Non-Aligned Summit that his country was being lashed by a US economic war aimed at toppling him.
Speaking at the same event, which opened Saturday, Maduro’s closest regional ally, Cuban President Raul Castro, echoed the charge, despite his country’s thawing relations with the United States.
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Time For Truth: (Yahoo News) – Venezuela, Cuba warn of US intervention at Non-Aligned meet
Venezuelan security forces have arrested at least 400 people after the latest bout of looting and food riots in the crisis-hit OPEC member country, local officials said on Wednesday.
Another death was also reported in the state of Merida from unrest which is breaking out sporadically across the South American OPEC nation.
Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.
Russia, which has been hit hard by the oil price collapse, was flirting with the idea of cooperating with OPEC in recent months until tensions between OPEC members Saudi Arabia and Iran ruined a global deal to freeze output.
Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze.
Brent crude fell 7% at one point before recovering some ground. In afternoon trade it fell 3.4% to $41.70 a barrel.
The meeting in Qatar was attended by most members of oil producers’ group Opec, including Saudi Arabia, but not Iran.