Venezuela unveils largest-ever bill, worth a few US dollars
Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country's largest paper bill circulating in recent history.
The country's president announced Wednesday that the new 100,000- bolivar note will hit the streets this week. It will be worth less than $2.50 in U.S. currency in black market dealings.
In a nationally broadcast appearance, President Nicolas Maduro held up the new paper bill, while also unveiling a 30 percent boost to the minimum wage.
The new denomination is stop-gap measure in an economic plan by Maduro's government aimed at doing away with the need for paper money.
https://www.yahoo.com/news/venezuela-unveils-largest-ever-bill-worth-few-us-010834417.html
Buddy, can you spare 4,000 bolivars?
= new reply since forum marked as read
But only since Chavismo assumed power... in 1999.
Dolar Today 44,348 VEF per dollar
567 (old Bolivar) per dollar in Feb, 1999 (Chavez assumes power)
In 2008 Chavez devalued the Bolivar by lopping off 3 zeros. (creating the Bolivar "Fuerte"
44,348/.567 = 76993.05
Convert to percentage....
Seven million, six hundred ninety nine thousand, three hundred and five percent. In SEVENTEEN YEARS.
FYI, inflation rose 50%. LAST MONTH.
Maduro blames various foreign mafias, unscrupulous "Capitalist" speculators and Uncle Sam for hoarding his worthless currency. (As if anyone thinks that taking his worthless paper and holding it in Columbia and Brazil is good financial planning!)
It couldn't possibly be that his epic printing of more and more paper has nothing to do with anything...
