CARACAS, Venezuela (AP) — Venezuela is planning to introduce banknotes with larger denominations to cope with hyperinflation which shows no signs of slowing.
The central bank says the new bolivar bills of 10,000, 20,000 and 50,000 will gradually start to circulate on Thursday as a way to make payments and transactions “more efficient.”
The biggest new bill is about the equivalent of $10, which is more than the monthly minimum wage in a country whose economy has been shrinking drastically for years. Until now, the biggest denomination was the 500-bolivar note.
Advertisement - story continues below
Debit cards are a common form of payment in Venezuela, where the currency is worth so little that big piles of already scarce cash are needed for even relatively small transactions.
The Associated Press contributed to this report.
The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.