Venezuela plans 100,000-bolivar bills worth just 23 U.S. cents

Section:

This wouldn't happen to the poor idiots if they just printed a world reserve currency.

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By Patricia Laya and Fabiola Zerpa
Bloomberg News
Monday, October 5, 2020

Venezuela has begun to import banknote paper and is mulling plans to print bills with larger denominations as hyperinflation causes shortages of cash, according to six people with knowledge of the matter.

The country has brought in about 71 tons of security paper this year from an Italian printer majority-owned by the private equity firm Bain Capital, according to some of the people and data reviewed by Bloomberg from Import Genius, which compiles customs records it obtains through private sources.

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...



The central bank is considering new bills starting with 100,000 bolivars, the people said. It would be the highest denomination yet, but still worth only $0.23.

Press officials for the printer Fedrigoni SpA and Bain Capital declined to comment on the paper shipments, which came from Brazil. The Venezuelan central bank didn’t reply to calls and messages seeking comment.

The need for larger bills in Venezuela is a direct result of an ever-weakening currency and inflation that ran at an estimated 2,400% in the past year, meaning that paying for a cart full of groceries now requires a bag of cash. The 100,000 bolivar bill would match the biggest bill ever printed in Venezuela, one made two years ago during the days of the bolivar fuerte (the latest version of the currency is called the sovereign bolivar).

The central bank is considering introducing even larger denominations down the line. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-10-05/venezuela-planning-ne...

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