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Venezuelan Currency Collapse

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 Posted 08/02/2021  5:57 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
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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 Posted 07/03/2022  5:47 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
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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 Posted 07/07/2022  12:48 pm  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
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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