Venezuela has started to produce a new vertical banknotes from 500 to 20 thousand bolivars. About it reports BBC News.
Up to this point the largest bill was 100 bolivars (the image is also focused vertically). According to BBC News, now on the black market of 20 thousand bolivars are worth less than six dollars (almost 400 rubles at the current exchange rate).
The need for new banknotes arose from the financial reform: in the framework of the declared fight against speculators and the deficit it was decided to withdraw from circulation a banknote of 100 bolivars.
At the end of November 2016, the Independent newspaper reported that in Venezuela due to the sharp devaluation of the national currency stores forced to take notes by weight.
In addition, last year the Venezuelan government has forbidden the banks to lend through branches and ATMs of more than 10 thousand bolivars (about five dollars) a day.
Venezuela suffered seriously from the decline in oil prices in 2014. Because of the strong dependence of the budget from export earnings and problems with production in the country, the Bolivarian Republic of famine and shortages of basic commodities.
According to IMF forecasts, inflation in the country in 2017 will amount to 1640%.
