With the value of Venezuela’s largest banknotes reduced to a few U.S. cents by triple-digit inflation and the currency’s collapse on the black market, the country’s central bank said it will begin circulating higher-denomination notes this month.
New denominations including bills of 500, 1,000, 2,000, 5,000, 10,000 and 20,000 bolivars will start appearing at banks from Dec. 15, according to a Central Bank statement, adding that coins of 10, 50, and 100 bolivars would also be released. Bloomberg News first reported the plans for larger bills on November 30.
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Time For Truth: (Bloomberg) – Venezuela to Issue Bigger Bills This Month as Currency Plunges
For decades, jobs at Venezuela’s state-run oil giant PDVSA were coveted for above average salaries, generous benefits and cheap credit that brought home ownership and vacationing abroad within reach for many workers.
Now, in Venezuela’s asphyxiating economy, even PDVSA employees are struggling to pay for everything from food and bus rides to school fees as triple-digit inflation eats away incomes.
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Time For Truth: (Reuters) – Selling uniforms for food, Venezuela oil workers feel the pinch
More than 100,000 Venezuelans, some of whom drove through the night in caravans, crossed into Colombia over the weekend to hunt for food and medicine that are in short supply at home.
It was the second weekend in a row that Venezuela’s socialist government opened the long-closed border with Colombia, and by 6 a.m. Sunday, a line of would-be shoppers snaked through the entire town of San Antonio del Tachira. Some had traveled in chartered buses from cities 10 hours away.
A kilo of pasta gets you a packet of diapers. A bag of flour buys a bottle of shampoo.
Short on basic supplies, Venezuelans have reverted to ancient shopping habits: bartering whatever they have.
But the tools of the trade are right out of the 21st century: WhatsApp, Facebook and Instagram.
Just under two-thirds of Venezuelans think Nicolas Maduro’s presidency should end this year as the opposition pushes to oust him amid a grueling economic crisis, a survey by a leading pollster said.
Socialist-run Venezuela’s struggling state-led economic model and a fall in the price of oil, its biggest export, have led to acute shortages of everything from rice to contraceptives, galloping three-digit inflation, and a profound recession.