The International Monetary Fund has warned that inflation in Venezuela will reach 1,600% this year
BBC: Venezuela's new high value banknotes enter circulation
Venezuela has issued new larger denomination banknotes in response to the country's soaring rate of inflation.
The three notes, ranging from 500 to 20,000-bolivars, have entered circulation with the aim of making paying for essentials easier.
The recent withdrawal of the 100-bolivar note caused panic with people queuing for days to exchange bills.
Inflation in Venezuela is forecast to reach 1,600% this year.
Until now, the 100-bolivar note had been the country's largest, but is worth just two US cents.
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Update: Venezuela Debuts New Banknotes Amid Soaring Inflation (AP)
WNU Editor: Venezuela is in good company right now .... Weimar Republic, Russia in the early 1990s, Zimbabwe, etc..
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