Venezuela to Issue Larger Bills as Currency Collapse Continues
Venezuela will introduce six new notes and three new coins starting in mid-December to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank.
Currently, the Opec nation’s largest note is worth just 2 US cents on the black market, meaning cash transactions are extremely cumbersome.
The new bills include a 20,000 bolivar worth just under $5
Also, they will add 10,000, 5,000, 2,000, 1,000, 500 bolivar notes.
No more duffle bags full of cash for Venezuela citizen just to cash a $10 check.
Looks like Venezuela didn't get the memo that other central banks got about doing away with cash. I guess if you're in a hyper-inflation scenario cash is King and Gold and Silver is Godlike.
Note: 1 oz of Silver would cost over 60,000 Bolivars and It wasn't that long ago (2012) that 10 bolivars was worth $1. I think the US will have a much steeper devaluation that will play out over a year or two instead of several years.
“(This) will make the payments system more efficient, facilitate commercial transactions and minimize the costs of production, replacement and transfer ... which will translate into benefits for banking, trade and the general population,” the central bank said.
This is the exact opposite of what India told it citizens when they got rid of their 500 and 1,000 rupee notes.
That's the answer...Worked great in Weimar Germany!!!
Soon they'll start making piles of those money, pouring petrol all over and setting it on fire.
1 trillion bolivar note here we come!
It'll get ya a loaf of bread!
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This is crazy
Thanks for sharing the information in your post. This is the first I have heard of it.
They do know that just printing larger denomination bills does not put an end to hyperinflation.
Unless there is a plan to halt hyperinflation, I think the people of Venezuela should hold onto those backpacks.
Steem on,
Mike
It will be a relief for public.