CURRENT AFFAIRS

Detailed explanation-1: -Follow. The Central Bank of Venezuela says it has introduced three new denominations of banknotes in a struggle to combat the country’s ongoing hyperinflation. In a statement, the central bank said that it would be introducing new 10,000, 20,000, and 50,000 bolivar denominations on June 13.

Detailed explanation-2: -Hyperinflation in Venezuela took off because of the excess printing of the Venezuelan Bolívar. Printing money is quicker than borrowing money or getting money from tax revenue, thus the Venezuelan government decided to print money in urgent times.

Detailed explanation-3: -UPSC Mains. Q. Which country has recently introduced its new currency ‘RTGS dollar’? Notes: Zimbabwe has recently introduced its new currency, dubbed as Real Time Gross Settlement (RTGS) dollar, after the Reserve Bank of Zimbabwe (RBZ) announced measures to try and resolve a chronic monetary crisis.

Detailed explanation-4: -The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note.