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Venezuela brings in new currency bracket

Xinhua, January 17, 2017 Adjust font size:

Venezuelan President Nicolas Maduro authorized the entry from Monday of the country's new currency bracket made up of banknotes and coins.

The new range of banknotes approved in December 2016 are made up of units of 500 (0.75 U.S. dollars), 1,000 (1.5 U.S. dollars), 2,000 (3 U.S. dollars), 5,000 (7.5 U.S. dollars), 10,000 (15 U.S. dollars) and 20,000 (30 U.S. dollars) bolivars.

Maduro also granted a third extension, until Feb. 20, for the exchange of 100-bolivar notes (0.15 U.S. dollars), formerly the highest denomination in the country.

New coins will also replace banknotes worth 10, 50 and 100 bolivars.

According to the Venezuelan government, the country will count on 60 million 500-bolivar banknotes, 4.5 million 5,000-bolivar notes and 2.9 million 20,000-bolivar notes.

Around 250 million coins are also being introduced across all the new values.

All these moves are aimed to fight runaway inflation in the South American country.

The government said these measures are being complemented with the opening of the first eight currency exchange houses on the border with Colombia, in order to fight alleged manipulations of the Venezuelan currency. Endi