Venezuela confirms bigger bills amid world’s highest inflation

CARACAS, (Reuters) - Venezuela will introduce six new notes and three new coins starting in midDecember to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank.

Currently, the OPEC nation’s largest note is worth just 2 U.S. cents on the black market, meaning cash transactions are extremely cumber- some.

The bolivar currency has suffered its most dramatic monthly fall in history, down 60 percent since early November against the dollar on the black market, as the country struggles with a major economic crisis that is leaving millions hungry and the medical sector in crisis.

The largest new bill, according to a central bank communique, will be worth 20,000 bolivars, just under $5 on the streets. It will be accompanied by notes of 10,000, 5,000, 2,000, 1,000 and 500 bolivars and three coins of smaller value.

“(This) will make the payments system more efficient, facilitate commercial transactions and minimize the costs of production, replacement

and transfer ... which will translate into benefits for banking, trade and the general population,” the central bank said.

Paying a restaurant or supermarket bill without a debit or credit card can often require a backpack full of cash. However, even getting cash at ATMs in recent months has proven difficult.