The government has just launched three new banknotes which have already gone into circulation, after the official presentation by the Central Bank of Venezuela the previous day. The new Bs.S. 10,000, Bs.S. 20,000 and Bs.S. 50,000 (USD 1.62, USD 3.24 and USD 8.1, respectively) bills are an attempt to streamline the payment system and facilitate commercial transactions.
The BCV communiqué states that the new banknotes “will begin to circulate gradually” and “will complement the current monetary cone.” Current banknotes range from Bs.S. 2 (USD 0.0003) to Bs.S. 500 (USD 0.08). The currency was rebranded in August last year when five zeros had to be removed to replace the Bolivar currency in circulation at that time.
Nicolás Maduro’s government has announced several measures in recent weeks to stabilize the financial system and combat the hyperinflation ravaging the country since 2018, including setting up exchange tables in private banks for exchange operations. The Central Bank has also set the maximum limit that these institutions can charge for forex transactions at 1%.