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 Replies: 110 / Views: 18,186 |
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Pillar of the Community
Canada
2573 Posts |
-So sad. But I do like the creative design of the purse & the cool artwork on notes.
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Pillar of the Community
United States
3402 Posts |
Haven't heard much about Venezuela's currency inflation lately...still surging?
KK
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Pillar of the Community
 United States
4883 Posts |
Quote:
Haven't heard much about Venezuela's currency inflation lately...still surging? The latest data I can find (for April of this year) indicates that the rate of inflation has actually backed off a bit to "only" 1.3 million percent.... See: https://tradingeconomics.com/venezu...nflation-cpiColligo ergo sum
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Pillar of the Community
United States
3402 Posts |
Wow...shades of Zimbabwe.
KK
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Pillar of the Community
United States
4883 Posts |
Quote:
Wow...shades of Zimbabwe. The difference being (as noted earlier in this thread) that the Venezuelan government's decision last year to simply drop five of the accumulating zeroes means that there won't be notes denominated in trillions of Bolivars. Colligo ergo sum
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Bedrock of the Community
 United States
12816 Posts |
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Pillar of the Community
United Kingdom
901 Posts |
Interesting article, thanks for posting that CelticKnot.
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Pillar of the Community
Germany
1063 Posts |
Looks like they're not even trying much now, all notes look the same, what's the point spending money on something that'll be out of date in 3 minutes?
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Pillar of the Community
United States
3402 Posts |
Are there other more stable currencies operating underground (black market)?
KK
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Pillar of the Community
United States
4883 Posts |
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Pillar of the Community
Canada
2573 Posts |
Interesting links/reads. Thanks for sharing.
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Bedrock of the Community
United States
12816 Posts |
Venezuela is up to its old tricks. Released on March 5th of 2021 (but dated 2020), here are the 200k, 500k, and 1M Bolivares notes. Wikipedia quotes a Bloomberg article stating that Venezuela is heading for yet another redomination, removing six zeros: Quote:
According to a Bloomberg article on 1 July 2021, Venezuela plans to redenominate the bolívar at a ratio of 1,000,000:1 in August 2021, effectively removing six zeros from the denominatons. The current largest denomination banknote is 1,000,000 bolívares, expressed on the note with a predominant 1 followed by the descriptive millón de bolívares. It's therefore likely that the bank intends to retain the bolívar currency name while reusing the existing note designs.    Edited by CelticKnot
08/02/2021 6:04 pm
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Moderator
 United States
187950 Posts |
Very interesting.  |
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Bedrock of the Community
United States
12816 Posts |
Some of you may know this but Venezuela did in fact drop 6 zeros October 1st, 2021 and removed the sovereign bolivar from circulation, replacing it with the "digital bolivar" (bolivar digital). Note that there is nothing remotely digital about the new bolivar, it is still purely fiat currency. So, 1 digital bolivar = 1,000,000 sovereign bolivars. Here is an interesting article describing it. As of this writing there are 5 denominations of paper bolivar digital: 5, 10, 20, 50, 100. Anyone have any bolivares digitales yet? They're not cheap on ebay. For example, even though the 100 bolivares digitales (VES) is only equivalent to18 USD, they're selling for 85-100 USD.  I do want to continue my Venezuelan currency collection but not at that price. Inflation seems to have settled down quite a bit in Venezuela so these prices may be slow to come down. |
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Bedrock of the Community
United States
36684 Posts |
Countries with vast natural resources are going to be have their currencies revalued upwards in the not too distant future. The globe is moving to a commodities backed currency system.
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Replies: 110 / Views: 18,186 |
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Posted 06/06/2019 6:39 pm
