Russia to print bolivar bills for Venezuela

Russia to print bolivar bills for Venezuela

Venezuela’s government has turned to Russia's Goznak state-owned money printer to purchase 300 million new bolivar bills, Bloomberg reported. 

The notes will carry denominations ranging from 10,000 ($0.14) to 50,000 bolivars ($0.68), according to a copy of the contract between Goznak and Venezuela’s central bank signed in November 2019.

The $7.4 million order will be worth $143 million of cash.

Russia printed banknotes for Syria, Belarus, Lebanon, Laos, Malaysia and Guatemala.

In the past, Venezuela’s government has struggled to make good on its dues with bill suppliers. Last year, De La Rue, one of the world’s largest makers of bank notes, reported a nearly $23 million hit due to outstanding debts with Venezuela.

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