Monday, December 5, 2016

Feeling the Bern: Venezuela to issue larger bill as currency continues to melt

Venezuela said it will issue higher-denominated bills as triple-digit inflation and a currency meltdown leave the country's largest note worth just around 2 U.S. cents on the black market.
The central bank said in a statement Saturday that six new bills ranging from 500 to 20,000 Bolivars will begin circulating on Dec. 15. Currently the largest-denominated bill is 100 bolivars, while a 2-liter soft drink bottle can cost 25 times that amount......Venezuela has maintained strict currency controls since 2003 and currently has two legal exchange rates of 10 and 663 bolivars per dollar used for priority imports. On the black market, where people and businesses turn when they can't obtain government approval to purchase dollars at the legal rates, the bolivar has collapsed by a factor of five over the past year......To Read More.....
My Take - I can't even imagine how bad it must be in this nation, or how this government hasn't been overthrown, but I do think the fact the Russian made Jeep carrying Castro's ashes broke down is rich in symbolism for socialism as an absolute failure worldwide.  

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