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, BBC reports.

The three notes, ranging from 500 to 20,000-bolivars, have entered circulation with the aim of making paying for essentials easier.

Inflation in Venezuela is forecast to reach 1,600% this year.

Until now, the 100-bolivar note had been the country's largest, worth just three US cents on the black market.

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