You can now be a ‘millionaire’ in Venezuela for 50 cents

You can now be a ‘millionaire’ in Venezuela for 50 cents

March 6, 2021 | 3:53pm | Updated March 6, 2021 | 3:53pm

All it takes to be a millionaire in Venezuela is a few American pennies: the beleaguered South American country’s economy is so bad, they’re introducing a million bolivar note worth roughly 53 cents.

According to a statement from the country’s central bank, Venezuela will also be printing 200,000 and 500,000 bills along with the 1,000,000 bills.

The move comes as hyperinflation has made smaller bills superfluous and worthless – and most citizens are “turning to the U.S. dollar for everyday transactions,” Bloomberg notes, adding “About 66 percent of transactions across the country are (now) estimated to be made in foreign currency.”

Venezuelan president Nicolas Maduro has claimed he is going to make the country the world’s first fully digital economy, in an attempt to fight the inflation which ballooned to more than 3000 percent last year.

Source: New York Post

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