Venezuela to issue 50,000 bolivar bill, equivalent to about $8

As hyperinflation grips poverty stricken and politically divided Venezuela, President Nicolas Maduro’s government is releasing three new currency denominations.

On Thursday, 10,000, 20,000 and 50,000 denomination bolivar bank notes were expected to begin circulating, according to the country’s central bank.

The 50,000 bank note is equivalent to about $8, according to The Guardian, though it is higher than the minimum wage of 40,000 bolivars per month.

The government said the action was intended to help facilitate business transactions.

This is the second time within the span of the year that Venezuela has released new bank notes. Last year, Maduro’s government devalued its currency and scratched five zeros from banknotes in circulation.

Previously, the highest bolivar bill was 500. Most people pay with credit cards in the country, instead of carrying around large piles of cash to make basic purchases.

Meanwhile, the annual inflation rate in Venezuela fell below 1 million percent last month, according to a report from the opposition-led Congress, which was released earlier this week. Consumer prices were up more than 815,190 percent in the year that ended in May.


Inflation as of April was 1.3 million percent.

President Nicolas Maduro has blamed the country’s economic woes on U.S. sanctions. But critics contend the troubles stem from a prolonged period of money mismanagement.