26 Nov 2016
by David Burke, Daily Mail:
Currency the bolivar has devalued so much that traders have given up counting it
The government has commissioned 20,000 bolivar notes to keep up with the rate of inflation – the highest bank note in circulation is 100 bolivars
Baker Bremmer Rodrigues said he feels like Pablo Escobar because of the mountains of cash it takes to buy everyday items
The inflation rate in Venezuela is expected to reach 480 per cent this year, and 1,600 per cent by 2017
‘Runaway inflation’ in Venezuela has reached the point where bank notes are being weighed rather than counted.
The country’s currency, the bolivar has devalued so much that traders have given up counting the huge wads of banknotes handed over by their customers.
Last month it emerged that new 20,000 bolivar notes will be produced to keep up with the rate of inflation. At the moment the highest bank note in circulation is 100 bolivars.
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