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Venezuela to Issue Bigger Notes

Venezuela to Issue Bigger NotesVenezuela to Issue Bigger Notes

President Nicolas Maduro said Venezuela would issue higher denomination bills “very soon” as soaring inflation and a crumbling currency leave the crisis-stricken country’s largest note worth just two US cents on the black market, CNBC reported. Still, the long-awaited entry of 500 and 5,000 bolivar notes will only bring a brief respite amid rapid money printing and a weakening currency. Today 5,000 bolivars buy just over $1 on the black market, which exists because Venezuela introduced currency controls in 2003 but does not offer enough dollars to meet demand.

 

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