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.
The reluctance of authorities to issue bills larger than 100 bolivars over the past several years as the currency declined in value had forced Venezuelans to ditch wallets in favor of bags of cash for everyday transactions. Some shopkeepers have started to weigh wads of notes instead of counting them to save time. Venezuela’s government, meanwhile, is planning to announce new currency measures after the bolivar lost almost two-thirds of its value in black-market trading last month.
Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – Venezuela to Issue Bigger Bills This Month as Currency Plunges