Socialism success story: inflation pushes Venezuela to print $1M Bolivar bill

Socialism success story: inflation pushes Venezuela to print $1M Bolivar bill
Image: LuckyLife11 / Pixabay

[Ed. – Ain’t we got fun?]

Venezuela said it will introduce new large-denomination bolivar notes as hyperinflation renders most bills worthless, forcing citizens to turn to the U.S. dollar for everyday transactions.

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” without providing further details. The 1,000,000 note — the largest in the nation’s history — is worth only $0.53 cents.

As Venezuela’s economy shrank for a seventh straight year in 2020, the government turned a blind eye to a growing number of dollar transactions, kick-started by rolling power outages that prevented credit and debit card purchases and fostered the use of cash. About 66% of transactions across the country are estimated to be made in foreign currency, according to Ecoanalitica.

Trending: Another young black was shot to death on Saturday. Where are the protests? And the media?

(h/t Weasel Zippers)

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