18:34 GMT07 May 2021
Listen Live
    Latin America
    Get short URL

    MEXICO CITY (Sputnik) - Venezuela will put on Wednesday a new highest-denomination 100,000 bolivar bill worth only $0.5 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 Latin American 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 $0.5 on the black market, while $1 was valued at 217,000 bolivars on Tuesday, 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 $735 million.

    Venezuela is going through the worst economic crisis in its history which started in 2012 with changes on the global oil market. More than 95 percent of its export revenues come from oil and its derivatives.

    In 2015, with the fall of prices on hydrocarbons to 50 dollars per barrel, Venezuela's economy was knocked out, leaving the population with shortages of food and medicine.


    'Pawn of the US': Philippines, Venezuela Slam UN Human Rights Chief
    Swiss Company Asks US to Clear Buy-Out of Russia-Venezuela Oil Loan - Reports
    Power of Zeus: Russian Startup Helps Venezuela Issue Oil-Backed Cryptocurrency
    Almost 130 Countries Long for Venezuela's Oil-Backed Cryptocurrency
    Cryptocurrency Training Center Opens in Venezuela Amid Petro Token Rise
    economy, crisis, bolivar, currency, denomination, inflation, Venezuela
    Community standardsDiscussion