By Kejal Vyas
CARACAS—Venezuela has hit a new, dubious milestone in its slow-motion economic decline: Its largest banknote, the 100-bolívar bill, is worth just one U.S. dollar, at least on the country’s black market.
On Monday, the bolívar held at 100.68 per dollar, unchanged from Friday when it breached the 100 level for the first time, according to DolarToday.com, a significant decline from just 17 per dollar at the start of 2013. DolarToday.com tracks the South American nation’s vibrant currency black market, where many Venezuelans go to get greenbacks and which businesses use as a pricing reference.
The country’s smallest bill, the two-bolívar note, is worth just two U.S. cents on the black market. The situation has left Venezuelans carrying large wads of cash everywhere they go, a risky proposition in a country with one of the highest crime rates in the world.