Venezuela releases three new banknotes amid hyperinflation

banco-central-de-venezuela
The Central Bank of Venezuela, Caracas

The Central Bank of Venezuela (BCV) began issuing three new banknotes on March 8 as the country continued to suffer from hyperinflation. The new 200,000, 500,000 and 1 million bolivar notes “will began to circulate gradually”, the bank said.

One US dollar was worth around 1.9 million bolivares today (March 9), according to central bank data. Similar rates are currently available in the unofficial market, data from website Dolar Today shows.

Venezuela’s economy has endured severe contraction

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