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Hyperinflation pushes Venezuela to print million-bolivar bills
By Patricia Laya and Nicolle Yapur
Bloomberg News
Friday, March 5, 2021
Venezuela said today 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 saying it would begin circulating the new 200,000, 500,000, and million bolivar bills to "fulfill the current economy's requirements." It did not provide details. The million-bolivar note -- the largest in the nation's history -- is worth only 53 U.S. cents.
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As Venezuela's economy shrank for a seventh straight year in 2020, the government turned a blind eye to a growing number of dollar transactions, kickstarted by rolling power outages that prevented credit and debit card purchases and fostered the use of cash. About 66% of transactions across the country are estimated to be made in foreign currency, according to Ecoanalitica. ...
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