Venezuela to introduce 1-million-bolivar bill
14 March 2021 | 1:07 pm
The Central Bank of Venezuela's new notes were launched as hyperinflation and US sanctions continue to cripple the economy of the oil-producing nation. As inflation skyrockets, the biggest bill is worth just 52 cents.
20 Nov 2021
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For the third time in 13 years, Venezuela has slashed zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14 since 2008. With that, a million bolivars have overnight become one -- still the equivalent of about 25 US dollar cents. Venezuela's central bank announced the move last month to simplify transactions, with consumers scrambling to make payment for even the most basic goods or services. According to private sector estimates around two thirds of transactions in the country now happen in US dollars. Old banknotes now worth almost nothing have become children’s toys or lie discarded in streets around the country. The once-rich oil producer is battling its eighth year of recession and hyperinflation that reached nearly 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures.
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Congo Mirador was once an idyllic spot: a community of homes on stilts that seemed to float on the calm waters of a lagoon in western Venezuela. Now, the community is inundated with mud, a victim of silt generated by the Catatumbo river.
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An oil producer hard hit by the slump in global prices, Venezuela has seen its economy gradually deteriorate over the past decade, with international economic sanctions aggravating the crisis.
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Venezuela is cutting six zeroes off the value of its currency, the bolivar. That's as its banknotes have become increasingly worthless due to runaway inflation.
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Venezuelan President Nicolas Maduro and his Iranian counterpart, Ebrahim Raisi, made the announcement at a joint press conference in Tehran. The two allies have both been heavily hit by US sanctions.
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