Venezuela to introduce 1- mn-bolivar bill

Venezuela’s central bank said on Friday that it would introduce a banknote worth 1 millionbolivars beginning next week, as years of incessant hyperinflation continue to batter the value of the crisis-stricken South American country’s currency.

The new bank note will be worth just 52 U.S. cents at the current official exchange rate. Inter annual inflation was running at 2,665% as of January, the central bank said.

The OPEC nation’s economy has been in a tail spin for the past 7 years, spurred by a collapse in oil prices that led to a drop in imports and a gaping fiscal deficit, prompting the central bank to print more bolivars.