Venezuela’s currency so worthless it’s mostly being used for making crafts

Data from the opposition-controlled National Assembly shows the inflation rate for October 2019 was 20.7 percent and the cumulative inflation for 2019 was 4,035 percent. The International Monetary Fund (IMF) estimates Venezuela’s inflation this year will reach 200,000 percent – and that the economy will contract by 35 percent, Al Jazeera reported.

Venezuela – once one of the more prosperous countries in Latin America – has been driven into such economic and political turmoil that its currency is no longer of any use.

However, that has not stopped Venezuelan bolivares from becoming a commodity elsewhere.

Across the border in Colombia, Hector Cordero uses the currency to make wallets and purses, which he sells to tourists in Colombia.

“These bolivares soberanos notes are worth nothing,” Cordero, who is from Caracas, told Al Jazeera. “These notes I use are not circulating any more since last year.”

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