Venezuelan opposition leader José Guerra has warned that the cost of printing the three new banknotes could be higher than the purchasing power of the same.
“If you do the math correctly, the cost of printing the three new tickets may be higher than your purchasing power,” said Guerra on his Twitter account. “The BCV did a bad deal,” riveted.
Because of this, Guerra, a university professor of economics, has defended giving the bonds a higher face value. “The BCV has no sense of ridicule. They issued three new bills and together they don’t make $ 1,” he argued.
He has also pointed out that the new bill of one million bolivars is actually 100 trillion bolivars after the two currency conversions in which eight zeros were removed from the currency.
The BCV presented the new 200,000, 500,000 and 1 million Bolivar banknotes on Friday, which will be put into circulation from March 8th. The announcement contrasts with the announcements made by President Nicolás Maduro about the 100 percent digitization of the Venezuelan economy.