News 13 june — 15:44

Venezuela adds bigger bank notes for second time in a year as inflation skyrockets

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Venezuela is planning to introduce banknotes with larger denominations to cope with hyperinflation which shows no signs of slowing, Dailysabah reports.

Banknotes of 10,000, 20,000 and 50,000 bolivar denominations will begin circulating on Thursday to "make the payment system more efficient and facilitate commercial transactions," the central bank said in statement.

President Nicolas Maduro last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms.

The largest of those bank notes, equivalent to about US$8, is more than the minimum wage of 40,000 bolivars per month.

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