Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country's largest paper bill circulating in recent memory.

President Nicolas Maduro on Wednesday held up the new 100,000-bolivar bill in a nationally broadcast appearance. The new note, however, will be worth less than $2.50 at today's black-market rate.

Maduro also unveiled a 30 percent boost to the country's minimum wage.

Economists warn that such measures are likely to drive up inflation rather than bring relief to the oil-rich country's economic turmoil.

Residents in the capital of Caracas line up for hours to withdraw small amounts of paper money from bank machines.

The next largest bill put into circulation earlier this year is worth roughly 50 U.S. cents.