What is the name of Venezuela's currency? They had to print a 1 million bolivar note; its value is so low compared to the Indian rupee..

Venezuela is an oil-rich country on the South American continent. Last week, the US carried out a military operation in Caracas, the capital of Venezuela, and apprehended President Nicolás Maduro and his wife, Cilia Flores. They are now facing trial in New York. Amidst this entire sequence of events, many questions are being raised about Venezuela. One of them concerns its currency. Do you know what the Venezuelan currency is called?

What is the name of Venezuela's currency?
The Bolívar is the official currency of Venezuela. It is named after Simón Bolívar, the hero of South American independence, and was introduced by President Guzmán Blanco through the monetary reform of 1879. Before that, the Venezolano was in circulation.

The Bolívar is facing high inflation
Since 1983, the Bolívar has been facing high inflation, and during this period, its value has decreased by approximately 500 times against the US dollar. This decline was somewhat controlled in the mid-2000s, but it remained in double digits.

How many Bolivars equal 1 Rupee?
For your information, currently, 1 Indian Rupee is equal to 3.37 Venezuelan Bolivars. This means that the Indian currency is stronger than the Venezuelan Bolívar.

How much is 100,000 Venezuelan Bolivars worth in India?
As we mentioned, 1 Indian Rupee is equal to 3.37 Venezuelan Bolivars. Therefore, 100,000 Venezuelan Bolivars would be equivalent to 29,666.11 Indian Rupees.

1 Million Bolívar banknote
The Central Bank of Venezuela announced the issuance of three new banknotes in 2021. These included banknotes of 200,000, 500,000, and one million Bolivars. This was done to combat high inflation. Since 2014, sanctions imposed by the United States, the European Union, and other countries on gold mining, state-owned oil companies, and other business transactions have severely damaged this South American country's economy.

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