The Central Bank of Venezuela said it would issue new higher-denomination currency to aid residents dealing with inflation. President Nicolas Maduro would soon order the 100 bolivar bill -- which was the highest denomination before the bank's policy change -- out of circulation but the new bills have not been able to reach many consumers. Photo courtesy of Central Bank of Venezuela
CNN: Venezuela cash crisis worsens as new bills fail to arrive
Venezuela's cash crisis just got worse.
New money was supposed to arrive Thursday so that Venezuelans could swap their old cash for new bills and coins.
On Sunday, Venezuela's President, Nicolas Maduro, said in a radio address that he would give people 72 hours to exchange their 100 bolivar notes for coins of the same face value. The announcement came just a week after the country said it will replace the 100 bolivar note with six other bills, worth between 500 and 20,000 bolivars, starting December 15.
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WNU Editor: I said it before .... just when you think it cannot get worse .... it does.
More News On Venezuela's Currency Crisis
Venezuela descends into currency chaos as most-used banknote goes void -- AP
Venezuela's 100-bolivar note withdrawal causes chaos -- BBC
Venezuela's removal of 100 bolivar note causes chaos at banks -- UPI
Venezuela's 100-bolivar note going out of circulation, replacement bills yet to arrive -- DW
Growing number of Venezuelans trade bolivars for bitcoins to buy necessities -- The Guardian
Cash chaos in Venezuela after banknote withdrawn -- Al Jazeera
1 comment:
Socialism/Communism at work.
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