{"id":116443,"date":"2021-03-06T15:30:43","date_gmt":"2021-03-06T07:30:43","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=116443"},"modified":"2021-03-06T15:30:45","modified_gmt":"2021-03-06T07:30:45","slug":"venezuela-introduces-1000000-bolivar-note-as-hyperinflation-renders-most-bills-worthless","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=116443","title":{"rendered":"Venezuela introduces 1,000,000 Bolivar note as hyperinflation renders most bills worthless"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img src=\"https:\/\/assets.nst.com.my\/images\/articles\/ddc422101d02ae182ea42e1986e98124_1615006116.jpg\" alt=\"AFP file pic. For illustration purposes only.\"\/><\/figure>\n\n\n\n<p>CARACAS, March 6 (NNN-AGENCIES) &#8212; Venezuela said it will introduce new large-denomination bolivar notes as hyperinflation renders most bills worthless, forcing citizens to turn to the US dollar for everyday transactions.<\/p>\n\n\n\n<p>The country&#8217;s central bank posted a statement on its website saying it would begin circulating the new 200,000, 500,000 and 1,000,000 bills to &#8220;fulfill the current economy&#8217;s requirements&#8221; without providing further details.<\/p>\n\n\n\n<p>The 1,000,000 note \u2013 the largest in the nation&#8217;s history \u2013 is worth only US$0.53 cents.<\/p>\n\n\n\n<p>About 66 per cent of transactions across the country are estimated to be made in foreign currency, according to Ecoanalitica.<\/p>\n\n\n\n<p>While the dollar has gained ground, Venezuelans continue to rely on bolivar bills for public transportation and to purchase subsidised fuel. <\/p>\n\n\n\n<p>President Nicolas Maduro has said he plans to move to a fully digital economy this year, following three years of hyperinflation that have prompted the nation&#8217;s mint to issue higher-denomination notes that are quickly rendered all but useless.<\/p>\n\n\n\n<p>Inflation soared 3,000 per cent in the last 12 months.<\/p>\n\n\n\n<p>It last issued new bills in 2019, after chopping five zeros off the previous bills in circulation in 2018. &#8212; NNN-AGENCIES<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CARACAS, March 6 (NNN-AGENCIES) &#8212; Venezuela said it will introduce new large-denomination bolivar notes as hyperinflation renders most bills worthless, forcing citizens to turn to the US dollar for everyday transactions. The country&#8217;s central bank posted a statement on its website saying it would begin circulating the new 200,000, 500,000 and 1,000,000 bills to &#8220;fulfill [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[208],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/116443"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116443"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/116443\/revisions"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116443"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}