“The South American country Venezuela, which is going through an economic turmoil, is going to print one lakh rupee note. However, only two kilos of potatoes or half a kilo of rice can be purchased with such a big note.”
Caracas(Agency) : The South American country Venezuela, which is going through an economic turmoil, is going to print one lakh rupee note. However, only two kilos of potatoes or half a kilo of rice can be purchased with such a big note. This is because of the constantly falling economy and falling currency.
Venezuela, once considered one of the richest countries due to the oil business, is going through a very bad phase these days. Things have become so bad that people have died due to starvation. Inflation is touching the sky, for food items like potato and onion, people have to carry bags and carry notes along with them.
According to a Bloomberg report, Venezuela is now going to print large denomination notes due to the massive devaluation of its currency. Which also includes a note of 1 lakh bolivar (local currency). For this, security paper has been imported from an Italian firm. Import of security paper has been revealed in the custom report. The government may print one lakh notes, but people’s problems will not be reduced. Because the price of one lakh Bolivar note will be only $ 0.23. That means only two kilos of potatoes or half a kilo of rice can be purchased.
The corona epidemic has derailed the economy of all the countries of the world. Venezuela is also facing this acutely . Apart from this, the elimination of the money received from oil and not being able to curb corruption are also the main reasons for its bad situation. It is feared that by the end of this year, Venezuela’s economy will be down by about 20 percent, which means that the situation will be worse in the coming days. A report states that about 700,000 people in Venezuela do not even have the money to buy food for two times.
