Monday 17 May 2021

Inflation-Hit Venezuela Introduces New Highest-Denomination Banknote

Venezuela will put on Wednesday a new highest-denomination 100,000 bolivar bill worth only US$0.50 into circulation, the country’s Communication and Information Ministry said.

The introduction of a new banknote takes place amid the out-of-control inflation in the country, which led to a severe cash shortage. In 2016, a 100-bolivar note was the highest-denomination bill.

- Advertisement -

The new 100,000 bolivar bill can be used to purchase only US$0.50 on the black market, while US$1 was valued at 215.752 bolivars on Mar. 16, 2018, according to the Dolar Today media outlet.

Earlier in December, Venezuelan President Nicolas Maduro announced the creation of a new virtual currency to fight the economic crisis, pay debts, and revive the national economy. In late February, Venezuela launched the presale of cryptocurrency tokens, each backed by a barrel of Venezuelan oil. Maduro has estimated early gains at US$735 million.

Venezuela is going through the worst economic crisis in its history which started in 2012 with changes on the global oil market. More than 95 percent of its export revenues come from oil and its derivatives.

In 2015, with the fall of prices on hydrocarbons to US$50 dollars per barrel, Venezuela’s economy was knocked out, leaving the population with shortages of food and medicine.

- Advertisement -

Article originally appeared on Today Venezuela and is republished here with permission.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Bolsonaro compares quarantines to Maduro’s dictatorship

Q24N - Brasilia (EFE) The president of Brazil, Jair Bolsonaro, said...

What should Biden do about Venezuela?

Q REPORTS - Former US President Donald Trump's policy of maximum...

MOST READ

Natalia Carvajal tells of her arrest at San Jose airport with false proof of covid-19

Q MAGAZINE - he former Miss Costa Rica and television personality, Natalia Carvajal, broke the silence of her arrest several weeks ago at the...

3,173 new cases of covid-19 in the last 24 hours; 26 deaths

QCOSTARICA - The country registered a new record of covid-19 infections this Wednesday, reaching 3,173 confirmed cases in a period of 24 hours. The figure...

Covid vaccine passport, salvation or division?

EL UNIVERSAL Washington / Brussels - The desperation to reactivate economies, in the midst of the coronavirus pandemic, has prompted an idea: to create...

Rodolfo Méndez will complete the Circunvalación, a work that he started in 1978

QCOSTARICA - It's been almost 43 years since the Circunvalación (Ruta 39) project, to provide the capital with a peripheral ring road, was started,...

New batch of 124,000 doses of Pfizer / BioNTech vaccine arrived Tuesday

QCOSTARICA - A new batch with 124,020 doses of the covid-19 vaccine landed Tuesday night, as part of the weekly deliveries from Pfizer. With this...

How to Make the Most Out of Your Travel Experience

There’s no one out there that doesn’t love the sense of adventure that comes with exploring a new place. Whether you’re planning a short...

Today’s Covid News: 32 deaths in the last 24 hours; 3,039 news cases

QCOSTARICA - Costa Rica reported this Thursday the highest number of deaths associated with covid-19 in a single day, since the start of the...

Q Media supports AmCham initiative to request donation of vaccines to the United States

QCOSTARICA - The Costa Rican North American Chamber of Commerce (AmCham) this week began a Change.org petition to collect signatures to ask the United...

Travel agencies estimate 10,000 Costa Ricans who will travel to the United Stares to be vaccinated

QCOSTARICA - The demand of Costa Ricans to go to get vaccinated against covid-19 in the United States increased strongly from Semana Santa, so...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Article originally appeared on Today Venezuela and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.