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President Nicolás Maduro announced early last month that new notes would be issued to replace the old ones, a measure that promised to lighten the load for many Venezuelans, who must carry around bags of cash for even the simplest transactions.
The 100-bolívar note is worth about 2.8 American cents at Monday’s black market rate.
The new notes range from 500 to 20,000 bolívars, and the largest of the bills is worth about $5.60 on the black market. But they were not available everywhere on Monday. One bank received only the 500-bolívar bills and had run out by 2 p.m.
Although the move was intended to make life simpler, there was chaos in mid-December when Mr. Maduro abruptly announced that the 100-bolívar notes would be removed from circulation. The reason, he said, was that organized crime groups were hoarding the 100-bolívar bills.
Venezuelans rushed to exchange their bills, only to find that banks refused to accept them because they had no larger bills to offer in exchange. There were outbreaks of looting, and some people even burned the 100-bolívar notes, believing they were nothing more than paper after Mr. Maduro’s announcement.
Mr. Maduro was forced to relent and allowed the 100-bolívar notes to remain in place. He blamed his political opponents for the delay, as well as the United States, which, he said, had prevented cargo planes carrying the new bills from reaching Venezuela.
Finally, on Sunday, Mr. Maduro said the new bank notes would be phased in beginning on Monday. The 100-bolívar note is to remain in circulation until Feb 20.
“Venezuela needed new bills and coins two years ago,” he added. “It is a measure that has been delayed for a long time. The technical decision was in some way conditioned to a political decision.”
Over the summer, the government was increasing the number of bolivars by 100% a month. But since then, the rate has accelerated: by mid-November, the amount of bolivars in circulation had increased by 130% compared to a year ago, according to central bank statistics.
One dollar fetched 1,567 bolivars on November 1. On November 28, a dollar was worth 3,480 bolivars on the widely-used unofficial exchange rate monitored by Dolartoday.com.
originally posted by: Indigent
a reply to: Krazysh0t
They only try to remain in power, Leopoldo Lopez is in jail for causing sivil unres like Maduro did.
Frankly your attempt to put maduro government in good light makes my blood boil, stop smoking so much it's not good for you.
originally posted by: Krazysh0t
... but I'd venture a guess that the issues affecting the country are a BIT more complicated than just what you said.
Artículo 296-A.— Todo individuo que por medio de informaciones falsas difundidas por cualquier medio impreso, radial, televisivo, telefónico, correos electrónicos o escritos panfletarios, cause pánico en la colectividad o la mantenga en zozobra, será castigado con prisión de dos a cinco años.
372.— El que propagando falsas noticias o valiéndose de otros medios fraudulentos, haya producido la escasez y encarecimiento de los artículos alimenticios, será penado con prisión de seis a treinta meses. Si el culpable es algún corredor público, se aumentará dicha pena en la mitad.
529.— El que por negligencia o impericia hubiere creado, de alguna manera, el peligro de un daño contra las
personas o de un grave daño contra las cosas, será penado hasta con doscientas unidades tributarias (200 U.T.) de multa
o con arresto hasta por veinte días.