Venezuela’s socialist revolution has reached a economically painful milestone — issuing its largest-ever bank note: a 100,000-bolivar bill.
Worth? Roughly $2.50.
The imploding regime of President Nicolas Maduro put the record-sized bill in circulation Wednesday as the nation continues to reel from food shortages, power outages, scarcities of basic necessities, and protests by angry citizens.
The bill was presented on broadcast television in conjunction with a 30 percent boost to the minimum wage.
“The use of the physical currency is being replaced,” Mr. Maduro told the country of the interim measure, ABC News reported.
The socialist leader’s move comes in a year that has already seen the introduction of 5,000-bolivar and 20,000-bolivar notes as a means of controlling the fiscal chaos.
“With inflation the highest on the planet, the official salary announcement is a mockery of the Venezuelan workers,” responded Henrique Capriles, a leader in Venezuela’s opposition movement, ABC reported.
Mr. Maduro, whose term is scheduled to end in 2019, went on to accuse Colombian President Juan Manuel Santos of an economic “attack” on Venezuela, an oil-rich OPEC member that has followed a socialist path since Hugo Chavez took power in 1999.
“We have been updating the monetary cone while facing this attack on the currency,” Mr. Maduro said.