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10 lakh notes issued in this country in pauper, a cup of coffee can be found for 25 lakhs

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10 lakh notes issued in this country in pauper, a cup of coffee can be found for 25 lakhs

The economic crisis of Sri Lanka is being discussed everywhere at this time. But until a few months ago, the situation was the same in the South American country of Venezuela.

Sri Lanka’s inflation is being discussed all over the world at this time. However, many countries such as Venezuela and Zimbabwe have already experienced hyperinflation. Faced with an economic crisis and high inflation, Venezuela had to print new one million bolivars in March last year. Although the inflation situation in the country has improved in the last few months, the situation has not improved completely. Let us know what is the current situation of inflation in the country:Venezuela became the first country to issue 10 lakh notes, India will not even get half a liter of petrol!  - Hyatt News

Currency Value: The value of the country’s currency has improved significantly over the past few months. Currently, the exchange rate of 4.42 Sovereign Bolivar is equal to one US Dollar.

Big step taken in October 2021: Venezuela removed six zeros from its currency on 1 October 2021 to deal with unbridled inflation. Following this move, one million bolivars in the country were converted to one sovereign bolivar. Not only this, 100 sovereign bolivar was made the country’s largest note.

The current price of the goods is: According to Expatistan.com, 500 kg of boneless chicken currently costs $2.94 in Venezuela. At the same time, for 12 eggs, you will have to pay Rs 2.93. In India, 12 eggs will cost you $1.08.

Tomatoes still expensive: The country has to pay $ 1.40 for a kilogram of tomatoes. However, the situation has improved a lot as compared to 2019. Then tomatoes were available for one million bolivars in Venezuela. The cost of a liter of milk in Venezuela is $1.71.Venezuelan Bank Introduces One Million Bolivar Currency Note Inflation Raises One Million Bolivar Note |  Due to inflation, Venezuela issued the largest ever 1 million Bolivar note

This was the rate at one time: about one and a half to two years ago, it cost millions of bolivars to buy a kilogram of chicken in Venezuela. In October, 2020, the value of one lakh Bolivar notes in the country has come down to ₹ 0.23. At that time only two kg of potatoes could be bought in the country for one lakh bolivar. At one time the country had to spend 2.5 million bolivars for a single coffee.

Inflation was so high in 2019: In 2019, inflation in Venezuela reached 2,400 percent. In October 2021, the government printed notes of one lakh bolivars.

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