Rich in mineral oil, the country printed 10 lakh currency notes to cope with the horrendous inflation.

Caracas, Saturday 6 March 2021

Venezuela, a South American oil-rich country, has issued a new 1 million bolivar currency note to cope with the economic downturn and horrendous inflation. No other country in the world has ever printed such a large currency note before. The equivalent of the US dollar (about 36 rupees).

Venezuela's central bank said the country's economy needed to issue such large currency notes, with two lakh bolivars and five lakh bolivars being issued next week. At present, Venezuela has 10,000, 20,000 and 50,000 bolivar notes. The value of one Indian rupee in Venezuela is 25584.66 bolivars.

The only thing that can be seen now is that only two kg of potatoes and half a kg of rice can be bought against these 10 lakh notes. The government is planning to print large denomination notes for the convenience of the people so as to save the common man from carrying large amount of cash.

Corona virus lockdown and falling oil prices The country's economy is in recession for the seventh year in a row, unemployment and inflation are rampant, millions are starving, they have no money for food, there are about 700,000 such people in the country, currently UN food Grain is distributed under the program, yet one out of every three citizens in the country does not have a meal to eat.

With the currency depreciating, power cuts, and basic necessities becoming more expensive, hydroelectric power generation in Venezuela, a drought in 2015 reduced power generation, and the power crisis escalated so much that in April 2016, the government decided that government offices would be closed only on Mondays. Will only be open on Tuesdays. The inflation rate in the country is running at more than 2,600 per cent.