RIO DE JANEIRO, BRAZIL - Venezuela’s central bank said on Friday, March 5th, that it would introduce a banknote worth 1 million bolivars beginning next week, as years of incessant hyperinflation continue to batter the value of the crisis-stricken South American country’s currency.
The new banknote will be worth just 52 U.S. cents at the current official exchange rate. Interannual inflation was running at 2,665% as of January, according to the central bank.
The once-prosperous OPEC nation’s economy has been in a tailspin for the past seven years, spurred by a collapse in oil . . .