World Economy

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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