Venezuelans are used to their currency costing less than the paper it’s printed on. Economic misfortunes and political upheaval place their country at the bottom of all inflation charts, year after year. The latest incarnation of the national fiat, Bolívar Soberano, has succumbed to the illness of all previous emissions – rapid depreciation. The government has just announced it’s releasing a 50,000 bolivar banknote. This is a little more than the minimum monthly wage but it can hardly buy you a decent meal in Caracas.
Central Bank Circulates New Bills With Higher Denominations
Banco Central de Venezuela has printed new banknotes of 10,000, 20,000 and 50,000 bolivar denominations which began circulating Thursday, June 13. With their release, the financial institution aims “to make the payment system more efficient and facilitate business transactions,” according to a statement published this past Wednesday. The bills, which will be introduced gradually, come to meet the requirements of the national economy, the bank noted.
The new emission comes less than a year since the socialist government announced the launch of a new redenominated bolivar, cutting five zeros off the national