Venezuela’s central bank said on Friday that it would introduce a $ 1 million banknote starting next week, as the value of the troubled South American country’s currency continues to depreciate after years of persistent excesses.
The new banknote will be worth just 52 US cents at the current official exchange rate. The central bank said that inter annual inflation was running at 2,665% in January.
The OPEC nation’s economy has been in an oil spin for the past 7 years, caused by a drop in oil prices, resulting in a drop in imports and a reduction in the fiscal deficit, prompting the central bank to print more bolivars. inspired.