Venezuela unveils 6 new bills amid galloping inflation
{{#rendered}} {{/rendered}}The front and back of the newly issued 20,000 Bolivar is displayed during a news conference in Caracas, Venezuela, Wednesday, Dec. 7, 2016. Venezuelan Central Bank President Nelson Merentes unveiled the new series of 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. (AP Photo/Fernando Llano) (The Associated Press)
Venezuela has unveiled six new bills set to go into circulation next week.
Central Bank President Nelson Merentes said Tuesday the new higher-denomination bills would make commercial transactions easier in the country with the world's highest inflation.
The six new bills ranging from 500 to 20,000 Bolivars will begin circulating on Dec. 15.
{{#rendered}} {{/rendered}}Triple-digit inflation and a currency meltdown have left the country's largest note worth just around 2 U.S. cents on the black market. Currently the largest-denominated bill is 100 bolivars, not even enough to buy a hard candy at a street kiosk.
Some had speculated that the new bills might feature late socialist President Hugo Chavez, or other nods to left-wing causes. But they instead portray the same historical figures and national heritage as existing bills.