For almost a year, 500 sovereign Bolivars remained the largest denomination.
The Central Bank of Venezuela issued banknotes of 10 thousand, 20 thousand and 50 thousand sovereign bolivars. This is done for more efficient payments and international payments, quoted by a statement by the central bank of Bloomberg.
In August 2018, the bolivar immediately lost five zeros as a result of the denomination. New currency called the “sovereign Bolivar.” The largest banknote all this time remained 500 sovereign Bolivars.
Inflation in Venezuela in 2018 was 1.37 million percent, and in 2019 it is projected at 10 million percent, writes Deutsche Welle, citing data from the International Monetary Fund.
The minimum wage in Venezuela is 40 thousand sovereign Bolivars , says Interfax. Some citizens were granted a surcharge of 25 thousand sovereign Bolivars . During 2018, the minimum wage in the country rose five times.