Venezuela announced plans to begin issuing 100,000-bolivar notes on Wednesday as the government struggles to control skyrocketing inflation. One year ago, the largest bill was only 100 bolivars – an amount that is now practically worthless.
President Nicolas Maduro unveiled the note at a cabinet meeting. It will be worth about €2 euros or $2.3 on black market exchanges.
Caracas said the new bill is only a stop-gap measure amidst a more comprehensive financial overhaul, one facet of which is to eventually rid the country of paper money entirely.