Feel the Bern: Venezuela’s currency is so devalued it no longer fits in ordinary wallets

By Sofia Barbarani

It’s not so easy to find someone who still uses a wallet in Venezuela, where inflation is expected to reach 720 percent this year and the biggest bill — 100 bolivars — is worth about 5 U.S. cents on the black market.  The currency has dropped dramatically in value as Venezuela’s oil-based economy has cratered and the government has frantically printed more money. Prices, meanwhile, are soaring. So Venezuelans must handle huge volumes of cash — so much that the bills don’t always fit in a standard wallet — with many people packing wads of currency in handbags, money belts or backpacks......“They’re necessary for the economy, for the banks and for the people,” said Jose Grasso Vecchio, an economic consultant and former executive technical director of the Venezuelan Bank Association. “The move is a positive one.”..........To Read More....