Making your own money, literally!

about 2 years ago
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What do you do if there is an acute shortage of currency notes? In India, we recollect, standing in serpentine queues patiently while some making do with what they had.

But this place in Venezuela decided to take matters in its own hands as there was simply no end in sight.

The town of Elorza has started issuing its own paper currency. The paper bills feature the face of independence hero José Andrés Elorza and is named after the hero and the town. The “official” Venezuelan currency is known as Bolivars.

Residents and visitors wanting to buy Elorzas can do so via bank transfer or debit card payment at the mayor's office. The local authorities charge 8% commission but say they will offer a refund for any unspent Elorzas.

This the second town in Venezuela to have its own currency – earlier El Panal in the Caracas started issuing its own currency, known as Panales and it could be exchanged for rice grown in the community.

Venezuela has the highest rate of inflation in the world. In the year to the end of February 2018, prices in Venezuela rose by more than 6,000%.

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