Hard cash is difficult to find in Venezuela as the nation struggles with financial hardship, so residents in the capital on Friday unveiled their own currency.
The “panal,” which means “honeycomb” in Spanish, can be spent in just a few stores, but residents of one neighborhood desperate for spending cash said they welcomed the idea, which was proposed by supporters of the government.
“There is no cash on the street,” said Liset Sanchez, a 36-year-old housewife who plans to use her freshly printed panals to buy rice for her family. “This currency is going to be a great help for us.”
Amid triple-digit inflation and a currency meltdown, there has been a run on cash in Venezuela. Buying common items requires stacks of the official currency, the bolivar.
Venezuelan President Nicolas Maduro has announced that Venezuela would launch a national digital currency called the “petro,” but he has offered few details.
Community leader Salvador Salas, who unveiled the panal, said its circulation is limited to one poor neighborhood.
Initially, 62,000 bills have been printed — ones, fives and 10s, he said.
One panal is equal to 5,000 bolivars, which is about US$1.50 at the official exchange rate or about US$0.05 on the black market.
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