Venezuela Banknotes to be Printed by a Russian Firm

Venezuelan President Nicolás Maduro has asked a state-owned money printing agency(Goznak) in Russia to print new bolivars to the tune of 30 million banknotes. The new denominations range from 10,000 to 50,000 bolivars.

Years of hyperinflation has destroyed the value of the currency. The country is in huge trouble over its debts. Last year, De La Rue, one of the world’s largest banknote manufacturers had nearly $23 million of outstanding debts from Venezuela.

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