In a surprise announcement, [President Nicolas] Maduro said on Sunday that the 100-bolivar note, worth about 2 US cents (£0.015) on the black market, would be taken out of circulation on Wednesday.
The president said the aim was to tackle transnational gangs which hoard the Venezuelan notes abroad, a move he has in the past described as part of the "economic war" being waged against his government. [...] He said part of the plan was to block any of the 100-bolivar notes from being taken back into the country so the gangs would be unable to exchange their hoarded bills, making them worthless.
"I have given the orders to close all land, maritime and air possibilities so those bills taken out can't be returned and they're stuck with their fraud abroad," he said speaking on television.
Venezuela's currency has fallen dramatically amid skyrocketing inflation.
[...] Analysts say the move is likely to worsen the cash crunch in Venezuela, where people have already been limited in the amount of cash they can take out at automated teller machines. Venezuelans have only been given 10 days to exchange their 100-bolivar notes for new coins and bills ranging from 500 to 20,000 bolivars due to be introduced from 15 December.
(Score: 0) by Anonymous Coward on Wednesday December 14 2016, @01:01PM
What he is doing is clear, and the reason is obvious when viewed as a math problem.
I am surprised he blamed external sources hoarding the bolivar note.
If it was the USA, he'd have said pedo-islamafascism that make children abuse kittens and puppies while snorting cocain on the rolled bills as they got filled and distributed via encrypted dark nets.
If it was saudi arabia, they'd perhaps blame some non-state religious extremists for the problem.
And everyone would agree because arguing against it would brand you a traitor that molests children and teaches dogs to bite people of the wrong religion from the persective of those calling you a traitor, etc.
It's not the cause cited, it's the action taken against whatever the blame is. He's changing policy and trying to not be blamed for it. He's trying to alter the financial system in an unpalatable way, and he is blaming external sources so that people don't directly blame him. They already have it hard over there; someone else already mentioned the drop in oil prices