The crisis in the Opec country Venezuela goes from bad to worse. There are reports of starvation among the population and the health care is almost dissolved. Many survive simply because they receive food from relatives in the United States.
Inflation has almost eradicated the Venezuelan currency bolivar. Just since the beginning of November, the value of the currency has plummeted 60 percent, the worst drop ever.
It means that the value of the bill with the highest denomination, 100 bolivar, now is worth about two US cents on the black market.
It has resulted in people who do not have credit cards come with money in bags and boxes when they go shopping, and some stores have gone so far that they have begun to weigh the money instead of counting them.
The government has therefore announced that it will print new bills with higher denominations.
From mid-December, six new bills will be printed, where the highest denomination is 20,000 bolivar. The black market value, however, will be under five US dollars, writes The Guardian.
The Central Bank of Venezuela has not yet come with the official inflation figures so far this year. The International Monetary Fund has estimated that inflation in Venezuela will pass 2,000 percent next year.
Most economists agree that the cause of Venezuela's deep crisis is a combination of falling oil prices and the strict currency control in the country. Bolivars were pegged to the dollar in 2003. The oil has previously constituted 95 percent of the country's export and earnings.
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