Big note, small change: Venezuela’s new 100,000-bolivar bill is only worth US$2.50, amid hyper-inflation woes

Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country’s largest paper bill circulating in recent history.

The country’s president announced Wednesday that the new 100,000-bolivar note will hit the streets this week. It will be worth less than US$2.50 in US currency in black market dealings.

In a nationally broadcast appearance, President Nicolas Maduro held up the new paper bill, while also unveiling a 30 per cent boost to the minimum wage.

The new denomination is stopgap measure in an economic plan by Maduro’s government aimed at doing away with the need for paper money.

“The use of the physical currency is being replaced,” the socialist leader said.