Venezuelans rush to stash cash before biggest bill is voided

gata.org / By Andrew Rosati via Bloomberg News / December 12, 2016

Venezuelans on Monday were wearily rushing to deposit bank notes or dump their cash savings entirely following an announcement by President Nicolas Maduro that he was invalidating the country’s biggest bill because of what he says is an attack on the nation’s liquidity.

The socialist leader shocked the country on Sunday when he said the 100-bolivar note would be removed from circulation within 72 hours. For months, the South American nation has suffered a hard-cash shortage as inflation spirals toward 500 percent, which Maduro insists is the product of an “economic war” and an attempt by his political foes to smuggle currency out of Venezuela.

Maduro doubled down on those claims Monday evening, ordering an “inevitable, necessary, radical” measure to close his country’s border with Colombia for three days while authorities yank the bills from circulation. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2016-12-12/venezuelans-rush-to-s…

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