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This Oct. 20, 2018 photo shows Bolivar bank notes decorated with images of Venezuela's red siskin bird, as part of rescue program in Caracas, Venezuela. VOA

Venezuela is releasing new bank notes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash.

President Nicolas Maduro last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms.

Banknotes of 10,000, 20,000 and 50,000 bolivar denominations will begin circulating on Thursday to “make the payment system more efficient and facilitate commercial transactions,” the central bank said in statement.

Nepal’s Central Bank Announces Ban of Indian Notes Above Rs 100. Wikimedia Commons

The largest of those bank notes, equivalent to about US$8, is more than the minimum wage of 40,000 bolivars per month.

ALSO READ: Nepal’s Central Bank Announces Ban of Indian Notes Above Rs 100

Following the 2018 overhaul, the highest denomination notes were 500 bolivars, which now would not be enough to buy a piece of candy. Inflation in May reached 815,000 percent after peaking earlier this year above 1.7 million percent, according to the opposition-run congress.

Maduro blames the OPEC nation’s economic predicament on sanctions by the United States meant to force him from office. His critics say the collapse was caused by two decades of incompetent management that squandered hundreds of billions of dollars in oil revenue. (VOA)


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