The Venezuelan government will replace their highest value bank-note with coins in the next 72 hours says BBC News. This decision was made to combat corruption according to President Nicolas Maduro. This bank-note lost its value in recent years, in the wake of the current crisis, and is worth almost two cents.
The 100 bolivar bill will be replaced with a coin, in an attempt to stop contraband and food shortages. More precisely , this way, the president from Caracas hopes to stop criminal organizations which his government holds responsible for the empty shelves in stores. Maduro considers that these organizations which operate mainly in the border zones of the country won’t have time to use the bills.
“I have ordered that all their avenues – terrestrial , maritime, air – to be closed so these bills who have left the country cannot make their way back” Maduro declared during a televised appearance.
This decision was criticized by the opposition in Venezuela, which believes that it is only a desperate attempt to face the economic crisis.
“When inability is in power! Who else would have thought about something like this in December, in the middle of all our problems?” said the opposition leader, Henrique Capriles, on Twitter.
Others believe that is impossible to exchange all 100 bolivar bills in the 72 hours windowed issued by the government.
Until now, the 100 bolivar bill had the highest value in Venezuela. Recently, the Venezuelan Central Bank have announced that it will print notes with values ranging from 500 to 20,000 bolivars, to eliminate the economic problems. These new bills will enter circulation on December 15.