A man holds 200 hundred reais note after Brazil's Central Bank issues the new note in Brasilia. Brazil's newest and largest bank note has quickly created a stir online amid concern it could spur corruption and be difficult for ordinary citizens to use.
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People wearing protective masks line up outside of the Central Bank of Brazil during the release of new 200 reais banknote. Brazil released its largest banknote in an effort to meet cash demand driven by the coronavirus pandemic.
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Brazil has suffered one of the world's worst pandemic tolls. The economy posted its largest slump on record in the second quarter, and the recovery is likely to be irregular as the crucial services sector remains weak despite emergency government spending.
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People wearing protective masks wait in line to change the 200 hundred reais note after Brazil's Central Bank issues the new note. Brazil has suffered one of the world's worst pandemic tolls. The economy posted its largest slump on record in the second quarter, and the recovery is likely to be irregular as the crucial services sector remains weak despite emergency government spending.
Image Credit: REUTERS
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Brazil, which has suffered one of the world's worst pandemic tolls, has responded to the crisis by distributing so much cash directly to citizens that poverty and inequality are approaching national historic lows.
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Some people who subsequently commented online said the larger notes would make it easier for lawbreakers to hide bigger amounts of money. Others added that ordinary people would find it hard to break them for change.
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The central bank's post on Facebook about the 200 reais note - worth $37 at current exchange rates - gained 55,000 shares within 12 hours.
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A man holds a 200 reais bank. The central bank responded by saying the printing of the new note is a precautionary move to ensure demand for cash amid the pandemic is met, and sought to allay fears the new denomination could spur inflation.
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Some 66 million people, 30% of the population, have been getting 600 reais ($110) a month, making it the most ambitious social program ever undertaken in Brazil, a shocking shift under President Jair Bolsonaro who railed against welfare, dismissed the virus - and now finds himself newly popular.
Image Credit: AFP
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