Venezuela will put on Wednesday a new highest - denomination 100, 000 bolivar bill worth only US$0. 50 into circulation, the country’s Communication and Information Ministry said.
The introduction of a new banknote takes place amid the out - of - control inflation in the country, which led to a severe cash shortage. In 2016, a 100 - bolivar note was the highest - denomination bill.
The new 100, 000 bolivar bill can be used to purchase only US$0. 50 on the black market, while US$1 was valued at 215. 752 bolivars on Mar. 16, 2018, according to the Dolar Today media outlet.
Earlier in December, Venezuelan President Nicolas Maduro announced the creation of a new virtual currency to fight the economic crisis, pay debts, and revive the national economy. In late February, Venezuela launched the presale of cryptocurrency tokens, each backed by a barrel of Venezuelan oil. Maduro has estimated early gains at US$735 million.
Source: Today Venezuela