Economics
Hyperinflation Pushes Venezuela to Print 1,000,000-Bolivar Bills
- Central Bank set to issue three new large denomination notes
- Govt. says the new-notes will begin to circulate on March 8
Photographer: Federico Parra/AFP/Getty Images
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Venezuela said it will introduce new large-denomination bolivar notes as hyperinflation renders most bills worthless, forcing citizens to turn to the U.S. dollar for everyday transactions.
The country’s central bank posted a statement on its website Friday saying it would begin circulating the new 200,000, 500,000 and 1,000,000 bills to “fulfill the current economy’s requirements” without providing further details. The 1,000,000 note -- the largest in the nation’s history -- is worth only $0.53 cents.