Venezuela Begins Printing 500 and 1000 Bolivar Bills,

Venezuela’s Central Bank announced Monday that it would begin printing 500 and 1000 Bolivar bills while phasing out bills of smaller denominations. The move comes in response to the country’s soaring inflation– born of an economic crisis triggered by the collapse of global oil prices– which averaged 141% in 2015, according to official figures released last month. In addition to printing larger bills, the Central Bank will gradually ease 2 and 5 Bolivar bills out of circulation in an effort that is expected to improve the efficiency of the monetary system, reducing costs and alleviating long lines to withdraw cash. More…