Venezuela’s Maduro Launches New 100,000-Bolivar Banknote

03 Nov 2017  Fri

The new 100,000 bolivars bill was released to on Wednesday to strengthen the policy of protection, social security of workers and the Venezuelan families. The highest denomination banknote for the country was released into circulation on Thursday.

There has been a shortage of banknotes in Venezuela because of alleged money smuggling to Colombia. President Maduro has been taking strict measures to release these high denomination notes safely. The country has also been affected by rising inflation.

Only between 5,000 and 10,000 bolivars can be withdrawn per day from ATMs. This has led to a great shortage of cash. People have to wait in long queues at banks for withdrawing money. Maduro also stated that the shortage of cash can be tackled by converting 95 percent of the commercial transactions in the country into electronic transactions.

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