1 Million Bolivares...
Entry posted by Revenant ·
My first love of hyperinflation is a bit quiet and dull lately but Venezuela is not disappointing. They've announced new 200,000, 500,000, and 1 Million Bolivar notes to be released soon.
The 1 Million Bolivar note will be the highest denomination Venezuela has ever issued - they always re-denominated the currency before they got to that number before - but it's only going to be worth about US$0.53.
Like in Zimbabwe, the economy is becoming increasingly dollarized - I bet the anti-Washington government in Venezuela LOVES that - and the economy has shrunk in inflation adjusted terms for 7 straight years.
At some point I suppose I need to get more serious about building a Soberano set, before it gets too far away from me.
This note suggests that Venezuela is not going to try to de-throne the Zimbabwean 100 Trillion note for the "most printed zeros" title, because they're just going with "1 Million."
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