Venezuela’s biggest banknote will be worth only 18p due to hyperinflation

Inflation is running at 2,400 per cent, down from more than 2 million per cent last year when three new banknotes were introduced
Inflation is running at 2,400 per cent, down from more than 2 million per cent last year when three new banknotes were introduced
CAROLINA CABRAL/GETTY IMAGES

Venezuela plans to launch the biggest-denomination note in its history, but owing to delays in printing and hyperinflation it will be worth less than 18p by the time it enters circulation.

The value of the bolivar has collapsed after years of economic mismanagement and even beggars on the streets of Caracas refuse to accept the lower-denomination notes.

The central bank took delivery of 71 tons of security paper from an Italian printing company this year in preparation for the issuing of a 100,000 bolivar note, according to Bloomberg.

Since 2007, eight zeroes have been removed from the currency to make accountancy simpler and avoid the humiliation of having to issue multimillion, or even multibillion, bolivar notes.

Inflation is running at about 2,400 per cent, down