Friday 3 February 2023

Inflation-Hit Venezuela Introduces New Highest-Denomination Banknote

Paying the bills

Latest

Tycoon who wants to build a dry canal in Costa Rica in trouble for alleged fraud

QCOSTARICA - India's billionaire and industrialist, Gautam Adani, who...

Dollar increased ¢14 in four days

QCOSTARICA - And we're back to the rollest coaster...

500,000 people in Costa Rica could improve their credit situation. How?

QCOSTARICA - If in Costa Rica the compliance and...

Joselyn Chacón admits having paid to “put the hurt on” the media

QCOSTARICA (Nacion.com) The Minister of Health, Joselyn Chacón, affirmed...

Uncovering the Red Tape of Clean Water in Costa Rica

(OP-ED) Imagine having to haul water to your home,...

Do CBD Products Actually Work?

Rumors about the beneficial effects of CBD products have...

Costa Rica’s Minister of Sport assures that it is urgent to legalize recreational marijuana

QCOSTARICA - The Minister of Sport, Mary Munive, asked...

Dollar Exchange

¢564.58 Buy

¢570.60 Sell

3 February 2023 - At The Banks - BCCR

Paying the bills

Share

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.

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

- Advertisement -
Paying the bills
Avatar photo
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

Costa Rica has the highest minimum wage in Latin America

QCOSTARICA - Costa Rica has the highest minimum wage of Latin...

Unemployment and cost of living are the main challenges in 2023

QCOSTARICA - The only way to alleviate the rise in inflation...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.