(Credit: Mark Wilson / Getty Images)
(CNN Spanish) -
The Central Bank of Venezuela (BCV) announced on its social networks that starting Monday it will introduce three new banknotes with denominations of 200,000, 500,000 and 1 million bolivars "to meet the requirements of the national economy." according to a press release published this Friday.
It is the most recent effort by the government of the questioned President Nicolás Maduro to facilitate transactions in local currency, which have declined in recent months due to the devaluation of the local currency, the bolivar, and a growing de facto dollarization in the payment of products and services.
Three new banknotes will be incorporated into the current Monetary Cone, as part of the expansion of the current family of monetary species. # BCV 🇻🇪 pic.twitter.com/HdUDbrrZ5F
- Central Bank of Venezuela (@BCV_ORG_VE) March 5, 2021
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The highest denomination banknote is barely enough to buy 0.53 dollars, according to the exchange rate published on Friday by the BCV.
It is enough to buy a 20-trip Caracas Metro ticket.
In Venezuela the basic minimum wage is 1,200,000 bolivars and it could be canceled with two of those new bills.
Between the efforts of Chávez and Maduro they have removed eight zeros from the bolivar.
In 2020, accumulated inflation reached 2,958% according to the BCV, a figure lower than the 3,713% announced by Observatorio Venezolano de Finanzas, an organization founded by former opposition parliamentarian Ángel Alvarado.