Venezuela issues new (already worthless) banknotes

Venezuela is in the midst of complete financial and political meltdown so the inflation is skyrocketing. In response to this situation the government has issued three new banknotes of 10,000, 20,000 and 50,000 bolivars.

Will this help the people of Venezuela, potentially one of the richest countries of South America? No. At the moment the 50,000-bolivars note is about 0,20 USD worth. So it appears these notes are only interesting for collectors of hyperinflation currency or for people from Venezuela who have run out of toilet paper. 

p.s. I would've posted a link to the website of the Central Bank but the website is offline at the moment... 

Picture source: banknotenews.com

Steven Sunday 23 June 2019 at 09:55 am | | news
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two comments

Areez
Actually you're incorrect in saying that the 50000 Bolivares is worth $0.20 USD. you must be confusing it with the 500 bolivares which is in fact worth less than $0.20 USD. According to dolartoday, 50000 bolivars exchanges to $7 USD on the black market, although inflation is quickly rising. Please do not mistake these notes as being worthless just yet Steven.


Thank yoj
Areez, - 30-06-’19 02:37
Steven
@Areez: well, that depends on which website you use. The one I use does in fact say the 50,000 VEF is worth only 0,20 USD. Prices fluctuate a lot. But when you have to get your exchange rate from the BLACK market, it usually doesn't bode well for your currency.
Steven, (URL) - 30-06-’19 08:29
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