{"id":109724,"date":"2021-03-17T00:32:09","date_gmt":"2021-03-17T00:32:09","guid":{"rendered":"https:\/\/fin2me.com\/?p=109724"},"modified":"2021-03-17T00:32:09","modified_gmt":"2021-03-17T00:32:09","slug":"inflation-stricken-venezuela-rolls-out-new-larger-denomination-banknotes","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/inflation-stricken-venezuela-rolls-out-new-larger-denomination-banknotes\/","title":{"rendered":"Inflation-stricken Venezuela rolls out new, larger-denomination banknotes"},"content":{"rendered":"<figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 3 images )<\/span><\/figcaption><p>CARACAS (Reuters) &#8211; Venezuela this week is rolling out larger-denomination banknotes as hyperinflation batters the crisis-stricken South American country\u2019s bolivar currency.<\/p>\n<p>Bills worth 200,000 and 500,000 bolivars &#8211; worth just 10 and 27 U.S. cents, respectively, at the current exchange rate &#8211; began to circulate on Monday, according to Reuters witnesses. Venezuela\u2019s central bank said this month it also planned to roll a bill worth 1 million bolivars, just 50 U.S. cents.<\/p>\n<p>The highest-denomination bill had previously been 50,000 bolivars. Annual inflation in the once-prosperous OPEC nation was running at 2,665% in January, contributing to chronic shortages of cash.<\/p>\n<p>\u201cThese bills in a few months will not be worth anything anymore, because in this country prices rise very quickly,\u201d said Rafael Alvarez, a healthcare worker who left a bank carrying one 200,000 bolivar bill and four bills worth 50,000 bolivars each. All that is equivalent to just 20 U.S. cents.<\/p>\n<p>The central bank did not respond to a request for comment.<\/p>\n<p>In addition to the higher-denomination bills, President Nicolas Maduro is seeking to boost digital payments in the face of the cash shortage. While Venezuelans use debit cards for many day-to-day transactions, some services &#8211; namely public transit &#8211; still only accept cash.<\/p>\n<p>\u201cThese new bills will not resolve the cash crisis. They will only pay for transit fare,\u201d said Evelyn Mendoza, a 47-year-old cook, as she waited in a long line to withdraw cash from a bank in the capital, Caracas.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/venezuela-economy-bills\/update-1-inflation-stricken-venezuela-rolls-out-new-larger-denomination-banknotes-idUSL1N2LE2UC\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Slideshow ( 3 images )CARACAS (Reuters) &#8211; Venezuela this week is rolling out larger-denomination banknotes as hyperinflation batters the crisis-stricken South American country\u2019s bolivar currency. [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":109723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation-stricken Venezuela rolls out new, larger-denomination banknotes - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/inflation-stricken-venezuela-rolls-out-new-larger-denomination-banknotes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation-stricken Venezuela rolls out new, larger-denomination banknotes - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Slideshow ( 3 images )CARACAS (Reuters) &#8211; Venezuela this week is rolling out larger-denomination banknotes as hyperinflation batters the crisis-stricken South American country\u2019s bolivar currency. 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