Venezuela: hyperinflation leads to new banknotes for second time in a year

Banknotes of 10,000, 20,000 and 50,000 bolivar denominations will begin circulating on Thursday, the central bank said

Venezuela is releasing new banknotes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash.

Venezuela's president, Nicolis Maduro, last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms.

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