Venezuela Launches New Bank Note

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Venezuela has issued new larger denomination banknotes in response to the country’s soaring rate of inflation.

The three notes, ranging from 500 to 20,000-bolivars, have entered circulation with the aim of making paying for essentials easier.

The recent withdrawal of the 100-bolivar note caused panic with people queuing for days to exchange bills.

Inflation in Venezuela is forecast to reach 1,600% this year.

Until now, the 100-bolivar note had been the country’s largest, but is worth just two US cents.

‘More of the same Venezuela’

The new bills are aimed at making transactions easier for Venezuelans, who have had to carry huge book-size wads of cash to pay for basic items.

However the new 20,000-bolivar note is still worth less than $6 (£5) on the black market, which Venezuelans frequently turn to if they are unable to purchase official-rate dollars.

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