Municipality, Part of the Metropolitan Area in Venezuela Introduced its Own Currency

Business » FINANCE | December 12, 2017, Tuesday // 14:02| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Municipality, Part of the Metropolitan Area in Venezuela Introduced its Own Currency pixabay.com

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.

Finance » Be a reporter: Write and send your article
Tags: Venezuela, katia, currency, bolivers
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria