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Venezuela's central bank announces new banknotes

Xinhua, December 5, 2016 Adjust font size:

The central bank of Venezuela (BCV) announced Sunday that it was releasing six new banknotes and three new coins for the bolivar currency, starting on Dec. 15.

The decision was taken jointly with the Venezuelan government to guarantee maximum efficiency in payments and commercial transactions, the bank said in a press release.

The new banknotes to enter the market carry a face value of 500 bolivars (50 U.S. dollars), 1,000 bolivars (100 dollars), 2,000 bolivars (200 dollars), 5,000 bolivars (500 dollars), 10,000 bolivars (1,000 dollars) and 20,000 bolivars (2,000 dollars), respectively.

They will be accompanied by coins, whose denominations also exist in banknotes, worth 10 bolivars (one U.S. dollar), 50 bolivars (five dollars) and 100 bolivars (10 dollars), respectively.

"The broadening of the monetary range will make the payment systems more efficient, ease commercial transactions and minimize production costs...which will translate into benefits for the bank, commerce and the population in general," said the statement.

The bank also said that it would only progressively release the new banknotes through the national banking system, while it is working on the optimum combination of denominations required by the Venezuelan economy.

The central bank's actions are taking place in a context of growing and acute inflation in Venezuela. Endi