Venezuela to issue higher-value banknotes and coins

The Venezuelan government announced on 4 December 2016 that the Banco Central de Venezuela (BCV) will expand the country's money supply by releasing six new bills and three new coins on 15 December. The BCV will issue 500-, 1,000-, 2,000-, 5,000-, 10,000-, and 20,000-bolívar notes as well as 10-, 50-, and 100-bolívar coins, which will be used along with current denominations and distributed gradually into the money supply (Efecto Cocuyo). According to the BCV, the new denominations of bills and coins will minimize production costs, facilitate cash transactions, and make payment systems more efficient (Panorama). The BCV's decision to issue higher-value bills and coins was first announced in March 2016 (Tal Cual).