2016-12-31 Sat

6 billion 100-bolivar notes were withdrawn from circulation and replaced by new 500-bolivar notes in Venezuela. Officials stated that this step was taken since half of the notes in circulation were held abroad by criminal gangs. On 12th Dec it was declared that 100-bolivar notes could be deposited in bank accounts only until 15th December. A new series of six notes from 500- to 2,000-bolivar issues were supposed to be introduced on that day. Post that, old notes could be exchanged at the Central Bank of Venezuela until 29th December and would become worthless the next day onwards. Restrictions were imposed by the bank on the export of currency by land or air. Also, there was confusion about the exact deadline for the exchange of notes.

No new notes were released until 16th December due to various reasons. The legal tender status of the 100-bolivar note was extended to 2nd January 2017 and the first shipment of 272 crates of 50,000 500-bolivar bills reached Caracas on 19th December. The new series would have multicolored fibers, ultraviolet recognition properties, watermarks, anti-scanning protection, microprinting, safety threads, aid for the visually impaired, and fluorescent and intaglio printing.