Venezuela demonetises 100-Bolivar banknotes

Monday, 12 December 2016 11:46

The Venezuelan government on Sunday announced it will replace the country's highest-denomination banknotes with coins within 72 hours. President Nicolas Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday. Venezuelans will have 10 days after that to exchange those notes at the central bank. Maduaro claims the move will help stop smuggling and tackle food shortage, but his critics slammed it as "nonsensical". Venezuela is trapped in an economic crisis and faces rampant inflation.

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