The Central Bank of Venezuela (BCV) will issue a new ticket that multiplies by 100 the current highest denomination, reported on Wednesday the agency, in a new recognition of the uncontrolled spiral of inflation.
According to the issuing body, as of Thursday, new notes of 10,000, 20,000 and 50,000 bolivars will circulate. The latter becomes the most valuable, compared to 500, and amounts to 8.1 dollars. The new species of 50,000 exceeds the minimum wage of 40,000 bolivars (6.5 dollars), and reaches to buy about two kilos of meat. The 500 bolivares bill does not even reach for an egg, which costs 900. The new notes will be added to the monetary cone that came into effect on August 20, with five less zeros, and that has been left behind by an inflation that according to the government reached 130,060% in 2018. The IMF, however, forecasts that this index ended at 1,370,000% last year and will climb to 10,000,000% in 2019. The incorporation of the new notes seeks to "make the payment system more efficient and facilitate commercial transactions," the BCV said in a statement, stating that it will be issued "gradually."
