$2.50 US dollars for 100,000 Venezuelan Bolivares – It’s Not a Joke

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Venezuelan President Nicolas Maduro announced a new 100,000 bolivar note in a national broadcast appearance.

venezuela-bolivar-maduro-photo

Source: Miraflores Palace/Reuters

In US currency, it worths less than $2.50 on the black market as of last week, despite It is now the nation’s highest value note.

Venezuela faced the economic collapse in 2016 as high inflation caused the bolivar’s value to plummet. The previous largest bill of 100 bolivares was extracted from circulation by December. New denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 bolivares were introduced instead.

Maduro also announced the intention to totally eliminate the country’s use of paper currency and the new denomination is the first step in an economic plan to dispose of the need for paper money.

“The use of the physical currency is being replaced,” he said.

The socialist leader also proclaimed a 30% rise in the monthly minimum wage.

The new monthly minimum of 177,507 bolivares, is equivalent to roughly $4.30.

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