09 March 2021
Amidst rising hyperinflation, the Central Bank of Venezuela (BCV) has issued three new banknotes, with the top value note having a value of one million bolivars.
It might sound like a huge denomination for a banknote, but the new one million bolivar note is worth around 38p, since the South American country is suffering from hyperinflation.
The inflation rate in the country has continued to rise for years and, according to the Central Bank of Venezuela, now stands at over 2,000%.
The new banknotes are in denominations of 200,000 bolivars, 500,000 and 1 million and were entered into circulation on 8 March. However, much of the country has adopted the US dollar as the national currency, with banks recently issuing debit cards in US$.
The three new notes feature the image of the Simón Bolívar on the obverse.
The 200,000 and 500,000 bills feature the image of the mausoleum of Simón Bolívar on the reverse, whilst the 1 million shows an image of the Bicentennial of the Battle of Carabobo.