Venezuela releases new bank notes amid soaring hyperinflation

Banknotes of 10,000, 20,000 and 50,000 bolívar denominations will begin circulating on Thursday, the central bank said

Venezuela is releasing new bank notes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash.

Venezuela’s president, Nicolás 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.

Related: Barter and dollars the new reality as Venezuela battles hyperinflation

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Read the original at Economics | The Guardian.