Fox News Flash top headlines for Dec. 26 are here. A handbag, he says, can take upwards of 1,200 notes to produce.The technique he uses is called “origami venezolano” and he told Al Jazeera that he learned the technique by studying videos on YouTube and watching others in the streets of Caracas. "When I run out of bolivares, my brother goes to Venezuela and brings more notes," Cordero said. The new bolivar fuerte banknotes were issued in 2016 and range from 500 up to 20,000. It reported that the inflation rate was 274% in 2016, 863% in 2017, and 130,060% in 2018.In 2018, the IMF estimated that Venezuela's inflation rate would reach 1,000,000% by the end of the year.The IMF reported that the inflation rate for 2018 reached 929,790%, slightly below the original 1,000,000% estimate.In October 2018, the IMF estimated that the inflation rate would reach 10,000,000% by the end of 2019, which was again mentioned in its April 2019 World Economic Outlook report.According to experts, Venezuela's economy began to experience hyperinflation during the first year of Nicolás Maduro's presidency.In September 2014, the unofficial exchange rate for the bolívar fuerte in On 26 January 2018, the government retired the protected and In June 2018, the government authorized a new exchange rate for buying, but not selling currency. Maduro delayed the launch date, quoting Aristides Maza: "the period established to carry out the conversion is not enough".On 20 August 2018, the Maduro administration launched the bolívar soberano, with 1 Bs.S worth 100,000 Bs.F.Immediately following the introduction of the bolívar soberano, the inflation rate increased from 61,463% on 21 August to 65,320% on 22 August.According to DolarToday, the estimated exchange rate was 2700 Bs.S per USD in Venezuela's free market as of 21 January 2019By June 2019, further inflation of the bolívar soberano since redenomination had resulted in 10,000, 20,000, and 50,000 Bs.S banknotes entering circulation effective on 13 June.On 14 June, the BCV estimated the official exchange rate to be 6,244 Bs.S per USD.By mid-August 2019, the exchange rate reached an all-time high of 13,921 Bs.S per USD, while the Following increased international sanctions throughout 2019, the Maduro government abandoned policies established by Chávez such as price and currency controls (imposed since 2003) which resulted in the country seeing a rebound from economic decline.In a November 2019 interview with Venezuelan journalist "I have given the orders to close all land, maritime and air possibilities so those bills taken out can’t be returned and they’re stuck with their fraud abroad. Venezuelan currency (the bolivar) has been around since the late 1800’s and it wasn’t until 2008 that it experienced a major change. All market data delayed 20 minutes. ©2020 FOX News Network, LLC. Venezuela is introducing economic reforms including new banknotes that lop five zeros off its fast-depreciating currency as the country battles hyperinflation.. Banks … "He said people in Venezuela will exchange the worthless bills for other 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.