Third shipment of 500-bolivar banknotes arrives in Venezuela

A third shipment of 500-bolivar banknotes arrived in Venezuela in the early hours of Tuesday, as the inflation-ravaged country introduces new larger-denomination banknotes.

The shipment contained 35.5 million 500-bolivar bills, each worth just 75 U.S. cents, according to the official rate. Before the banknote switch was announced by the government in mid-December, the largest denomination bill was the 100-bolivar.

The next shipment of new banknotes is set to arrive on Thursday.

The rollout of the new banknotes has been plagued by glitches, including late deliveries from the foreign printing firm, which have led to cash shortages.

The switch, extended until Jan. 2, will see the 100-bolivar bill be taken out of circulation and replaced with 500-, 1,000-, 2,000-, 5,000-, 10,000- and 20,000-bolivar bills.

With runaway inflation, consumers have had to lug bagfuls of the 100-bolivar notes to shop for even basic items. Endi