And finally… note-worthy
Venezuela plans to launch the biggest-denomination note in its history, but delays in the note printing and hyperinflation mean it will be worth less than 18p by the time it enters circulation.
The Bolivar’s value has plummeted after years of economic mismanagement. Beggars on the streets of Caracas even refuse to accept the lower-denomination notes as charity.
According to Bloomberg, the country’s 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.
Since 2007, eight zeroes have been knocked 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%, a decrease from its high of over 2 million percent in early 2019, The Times reports.