Beautiful Virgin Islands

Saturday, Jul 05, 2025

Venezuela to issue 1-million-bolivar bill, but it’s worth only 50 cents amid raging hyperinflation

Venezuela to issue 1-million-bolivar bill, but it’s worth only 50 cents amid raging hyperinflation

Venezuela is set to have a new highest valued banknote of one million bolivars as soon as next week. But as the sanctions-hit country is facing enormous inflation, the bill is only worth around 50 cents.

The nation’s central bank announced on Friday that it will introduce three new banknotes worth 200,000, 500,000, and one million bolivars. The new bills are set to come into circulation on March 8.


The regulator said the banknotes are meant to “complement and optimize the current denominations, to meet the requirements of the national economy.” But even if you put all three banknotes together, they are worth less than one US dollar at the current official rate. As of Friday, one US dollar was being exchanged for around 1.889 million bolivars, meaning that 1 million bolivars is worth around 52 cents.

The economy of the Bolivarian Republic has been under severe pressure in recent years, with the situation severely deteriorating after the US slapped the country with sanctions. The nation is suffering from hyperinflation, which reportedly hit 3,000 percent last year.

As the Venezuelan currency rapidly depreciates, it is being replaced by the US dollar, with goods mostly priced in the greenback. At the same time, Caracas-based consultancy Ecoanalitica estimates that two-thirds of transactions across the country are made in foreign currency. When the central bank revealed the new bills, Director and Partner at Ecoanalitica, economist Asdrubal Oliveros, said the banknote is good for nothing more than public transport – one of the few services reliant on the paper bolivar.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
×