Finance

Venezuela’s biggest bank note gets new stay of execution

Venezuela’s biggest bank note gets new stay of execution July 26, 2018Leave a comment
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CARACAS (Venezuela): Venezuelan President Nicolas Maduro again delayed treatment of country’s largest bank note from circulation Thursday, from a botched intend to retire it triggered violent protests.

The 100-bolivar note can remain legal tender until January 20 rather than the 2nd, “so everybody is able to spend their New Year’s in calm,” Maduro announced inside a national address.

The central bank meanwhile announced the arrival of latest 20,000-bolivar bills, intended to switch the old money as Venezuela grapples with all the world’s highest inflation rate – set to strike 475% in 2010, good International Monetary Fund.

As Venezuela flounders using a devastating financial disaster, inflation has gutted the cost of the bolivar.

The 100-bolivar note may be worth just 15 US cents with the highest official exchange rate, leaving Venezuelans stuck carrying huge stacks analysts after only minor purchases.

Maduro triggered riots and looting 2 weeks ago while he aimed to pull the 100-bolivar bill from circulation before replacements had arrived – leaving Venezuelans desperately next to cash for food and Christmas presents.

The leftist leader alleged international “mafias” were hoarding 100-bolivar bills abroad from a US-backed conspiracy.

But after his shift to pull it from circulation triggered unrest, he extended its life until January 2.

Venezuela have been rocked by affordable prices due to its key export, oil.

Now rolling around in its third year of an deep recession, it can be facing severe shortages of food, medicine and basic household goods.

The central bank sought to reassure Venezuelans that the currency reform was on track.

Its deputy director, Jose Khan, announced a shipment of two.9 million 20,000-bolivar bills and 4.5 million 5,000-bolivar bills had arrived from Malta.

Another 60 million 500-bolivar bills have arrived in recent days, he explained.

The new bills still haven\’t show on the path, however. Up to now, Venezuelans just have seen new 50-bolivar coins.

The date the revolutionary bills will enter circulation are going to be announced in January, said Khan.

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