Friday, December 16, 2016

Venezuela's removal of 100 bolivar note causes chaos at banks

Venezuela has officially pulled its 100 bolivar note out of circulation, which has caused disruptions for residents and long lines at banks.


The Central Bank of Venezuela, or BCV, earlier this month said it will issue new higher-value currency to aid consumers who are dealing with unprecedented inflation. Six new Venezuelan bolivar, or Bs., bank notes and three new coins were to enter circulation starting Dec. 8. The largest Venezuelan bolivar was the 100, which would be replaced by a 20,000 note.

When the BCV made the announcement, it said all previous forms of payment would co-exist but President Nicolas Maduro last week announced he signed an emergency decree ordering the 100 bolivar banknote be removed from circulation by Friday.

This week, Venezuelans attempted to deposit their 100 bolivar banknotes before they were considered void.

Some ATMs on Thursday were still issuing 100 bolivar bills and many could not receive the new banknotes the BCV previously announced.
 [upi.com]
16/12/16
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