SoylentNews

Snow [soylentnews.org] writes:

The BBC Reports [bbc.com]:

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.

Original Submission