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Venezuela delays 100-bolivar banknote withdrawal | Venezuela delays 100-bolivar banknote withdrawal |
(about 20 hours later) | |
Venezuela's President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January. | Venezuela's President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January. |
The sudden change of policy comes after days of economic chaos. | The sudden change of policy comes after days of economic chaos. |
In a national broadcast, Mr Maduro claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar currency notes arriving in time. | In a national broadcast, Mr Maduro claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar currency notes arriving in time. |
Many Venezuelans have spent several days in long queues trying to hand in or swap the old notes. | Many Venezuelans have spent several days in long queues trying to hand in or swap the old notes. |
Thousands of shops have closed because of a cash shortage, and the public have been forced to rely on credit cards or bank transfers. Many were left unable to buy food. | Thousands of shops have closed because of a cash shortage, and the public have been forced to rely on credit cards or bank transfers. Many were left unable to buy food. |
Anger over the move led to skirmishes in six cities on Friday, the Associated Press reported. It said 32 people were taken into custody and one person was injured. | Anger over the move led to skirmishes in six cities on Friday, the Associated Press reported. It said 32 people were taken into custody and one person was injured. |
In Caracas, people waved their 100-bolivar bills in the air and chanted "they're useless!" - then turned and ran as police in riot gear fired tear gas. | In Caracas, people waved their 100-bolivar bills in the air and chanted "they're useless!" - then turned and ran as police in riot gear fired tear gas. |
The government had said the scrapping of the 100-bolivar note was necessary to prevent smuggling. | The government had said the scrapping of the 100-bolivar note was necessary to prevent smuggling. |
The president said the aim was to tackle gangs which hoard Venezuelan currency abroad, a move he has previously described as part of the "economic war" being waged against his government. | The president said the aim was to tackle gangs which hoard Venezuelan currency abroad, a move he has previously described as part of the "economic war" being waged against his government. |
Venezuela pulls banknote 'to hit mafia' | Venezuela pulls banknote 'to hit mafia' |
Venezuelans mock 'useless' banknote | Venezuelans mock 'useless' banknote |
What is behind the crisis in Venezuela? | What is behind the crisis in Venezuela? |
Mr Maduro has said the gangs hold more than 300bn bolivares worth of currency, most of it in 100-bolivar notes. | Mr Maduro has said the gangs hold more than 300bn bolivares worth of currency, most of it in 100-bolivar notes. |
He said there were "entire warehouses full of 100-bolivar notes in [the Colombian cities of] Cucuta, Cartagena, Maicao and Bucaramanga". | |
The president said one reason for withdrawing the banknotes was to block any of the 100-bolivar notes from being taken back into Venezuela so the gangs would be unable to exchange their hoarded bills, making them worthless. | The president said one reason for withdrawing the banknotes was to block any of the 100-bolivar notes from being taken back into Venezuela so the gangs would be unable to exchange their hoarded bills, making them worthless. |
Central bank data suggests there are more than six billion 100-bolivar notes in circulation, making up almost half of Venezuela's currency. | Central bank data suggests there are more than six billion 100-bolivar notes in circulation, making up almost half of Venezuela's currency. |
Economic experts fear scrapping the note will have little positive effect on the country's chronic economic and political problems. | Economic experts fear scrapping the note will have little positive effect on the country's chronic economic and political problems. |
Opposition leaders say the initiative shows that President Maduro is ruining the economy and must be ousted. | Opposition leaders say the initiative shows that President Maduro is ruining the economy and must be ousted. |