Have you ever seen a note of 1 million 10 million note is coming soon in Venezuela? According to a Reuters report, Venezuela’s central bank has said that it will present a banknote of 1 million, ie 1 million bolivars. In Indian currency, this note will be worth only about 39 rupees at present.
According to the report, there has been very high inflation in the South American country for many years. The new banknote will be only 52 US cents as per the current exchange rate. According to the central bank, internal inflation is 2,665 per cent.
The long-standing economic crisis in Venezuela
The economy of the once-prosperous OPEC country has been in crisis for the last seven years. The reason for this is the fall in oil prices, which has led to a decrease in imports. Along with this, the fiscal deficit has also increased, which has forced the central bank to print more bully. According to Reuters, the central bank said in a statement that these new bills will help the national economy.
Apart from the banknote of 10 lakh bulliver, the central bank said that it will also introduce banknote of two lakh and five lakh bulliver. At present, the bills of 10 thousand, 20 thousand and 50 thousand bulliver are in circulation. Years of severe inflation and a drop in the value of the bulliver have forced the people of Venezuela to use US dollar banknotes to carry out many daily transactions. President Nicolas Maduro has blamed US sanctions for the problems related to the economy in the country.
Critics say that the economic crisis of Venezuela was caused by the wrong economic policies of President Nicolas Maduro and those before him. Socialist The policy of the President and his mentor Hugo Chavez has been.