Hyperinflation Pushes Venezuela to Print 1,000,000-Bolivar Bills

Venezuela said it will introduce new large-denomination bolivar notes as hyperinflation roars in the country, reports Bloomberg.

The country’s central bank posted a statement on its website Friday saying it would begin circulating the new 200,000, 500,000 and 1,000,000 bills to “fulfill the current economy’s requirements.”

At current foreign exchange rates, the 1,000,000 note -- the largest in the nation’s history -- is worth only $0.53 cents.

Inflation has soared 3,000% in the last 12 months, according to Bloomberg News’s Cafe con Leche Index.

President Nicolas Maduro has said he plans to move to a fully digital economy this year, following three years of hyperinflation

-RW