Municipality, Part of the Metropolitan Area in Venezuela Introduced its Own Currency
In the conditions of high inflation, covering the whole of Venezuela, the authorities in one of the municipalities in the metropolitan area of Katia decided to put into circulation their own currency.
"In the midst of the economic war and the international financial blockade against Venezuela, the Panal-2021 municipality and the Patriotic Force Alexis Viva, in execution of the direct orders of the eternal commander, Hugo Chavez, today puts into circulation the municipal currency," the administration said in a statement.
There are also some pictures of the new currency - 10-note banknotes with a portrait of Chavez, RIA Novosti reported.
The new currency will be used for payments within the municipality.
The price of a rice package was 3 panals, and the rate was 1 panel = 5000 bolivers.
The new banknotes will be printed by a municipal bank.
The unofficial rate of the black market is now nearly 93,000 bolivers per dollar.
For the time being, the central bank's reaction which is in Caracas is not known for Katia's new monetary initiative.
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