A cashier counts Venezuelan bolivar notes at a market in downtown Caracas, Venezuela, December 7, 2016. REUTERS/Ueslei Marcelino
BBC: Venezuela to swap highest denomination banknotes for coins
The Venezuelan government has announced that it will replace the country's highest-denomination banknotes with coins within 72 hours.
It hopes this will help to combat smuggling and tackle the chronic shortage of food and other basic items.
President Nicolas Maduro says gangs that operate in border areas will not have time to repatriate the money.
The 100-bolivar bill has lost most of its value over the past few years and is now worth about 2 cents (£0.015).
Venezuela, which is facing a serious economic and political crisis, has one of the world's highest inflation rates.
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WNU Editor: Just when you think that it cannot get any worse in Venezuela .... it does.
More News On Venezuela Ordering Its Largest Bill Out Of Circulation
Inflation-hit Venezuela to pull largest bill from circulation -- Reuters
Venezuela pulling most widely used bill from circulation -- AP
Venezuela's Maduro orders 100-unit banknotes out of circulation -- AFP
Venezuela Orders Largest Bills Turned in Ahead of New Bank Notes -- Bloomberg
Venezuela to remove the 100-bolivar note from circulation -- DW
Maduro Stunner: Venezuela Eliminates Half Its Paper Money After Pulling Largest Bill From Circulation -- Zero Hedge
1 comment:
Poor Venezuelan's...
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