Sacking with suitcases money due to hyperinflation: village comes with its own currency

Sacking with suitcases money due to hyperinflation: village comes with its own currency

World March 19, 2018 13:27

elorza - The Venezuelan town of Elorza starts Monday with a market festival, but there is no serious money in circulation anymore. The Venezuelan currency bolívar suffers from hyperinflation, which means that residents with suitcases would have to carry Venezuelan money. The municipality has therefore issued its own currency. It is named after the place and after the nineteenth-century freedom fighter Colonel José Andrés Elorza.

Mayor Solfreddy Solórzano hopes that the local currency will help money start rolling in Elorza, more than 450 kilometers southwest of Caracas. At previous markets and festivals in the area it was noticeable that no more was converted. The place now offers the elorza banknotes that can be bought in bolívares via a bank transfer. The mayor sells them and also takes them back when the user wants to get rid of them when he leaves Elorza.

Not everyone is happy with the new money. Traders have complained that the municipality has requested money for the introduction of the elorza, Venezuelan media reported. It is the second time that a small community spends its own currency in the land ruined by mismanagement. Since December, the 'panal' has been circulating in the capital Caracas.

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