Banners of Venezuelan currency on display. Reuters

Gulf Today Report 

Venezuela’s central bank set to unveil a banknote worth 1 million bolivars next week, as years of ceaseless hyperinflation continue to affect the value of its currency.

Based on the current official exchange rate, the new banknote will be equivalent to 52 US cents.

Interannual inflation was running at 2,665% as of January, according to the central bank.

The once-prosperous OPEC nation's economy has been in a tailspin for the past seven years, spurred by a collapse in oil prices that led to a drop in imports and a gaping fiscal deficit, prompting the central bank to print more bolivars. 

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The central bank confirmed that the new bills will meet the requirements of the national economy.

Aside from the 1-million-bolivar banknote, it will also introduce 200,000- and 500,000-bolivar notes.

Years of hyperinflation and erosion of the bolivar's value have led Venezuelans to use US dollar banknotes for many everyday transactions.