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.
The bolivar currency has suffered its most dramatic monthly fall in history, down 60 percent 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 new bill, according to a central bank communique, will be worth 20,000 bolivars, just under $5 on the streets. It will be accompanied by notes of 10,000, 5,000, 2,000, 1,000 and 500 bolivars and three coins of smaller value.
Read the Full Article: Source – Reuters
Time For Truth: (Reuters) – Venezuela confirms bigger bills amid world's highest inflation