Venezuela introduces 1 million Bolivar note amidst economic crisis
Venezuela, the country of the continent of South America, has become the first country in the world to issue a one million note. Venezuela had to do so due to the severe economic crisis. Venezuela issued a new note of 1 million bolivars on Saturday to deal with the rising inflation in the country.
Venezuela has issued a 1 million note
A tweet from the official Twitter handle of Venezuela’s Central Bank stated that Venezuela’s Central Bank has issued three new notes. These include a note of 1 million Bolivar Note.
BCV amplía Cono Monetario vigente con incorporación de tres nuevos billetes https://t.co/IppXQItxz1 #BCV 🇻🇪 pic.twitter.com/WgDavsmLob
— Banco Central de Venezuela (@BCV_ORG_VE) March 5, 2021
Venezuela is currently facing a severe economic crisis. There people do not have food for two times. In Venezuela food and drink items are also very expensive due to rising inflation.
Venezuela’s economy in the grip of recession
Venezuela is in the grip of economic recession due to end of income from selling crude oil, US sanctions and the lockdown imposed by the Coronavirus. It is feared that Venezuela’s economic crisis will deepen by the end of 2021. Many people also blame the corruption in the system for Venezuela’s condition.
A large number of people have been migrating from Venezuela for the past several years. Venezuelan citizens are living the life of a refugee in neighboring countries Brazil, Peru and Ecuador. People are migrating from here due to starvation and economic crisis.
