Venezuela Delays Currency Withdrawal

Caracas, Venezuela’s President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January. In a national broadcast, Maduro claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar…

Caracas, Venezuela's President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January.

In a national broadcast, Maduro claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar currency notes arriving in time, the BBC reported.

The sudden change of policy comes after days of economic chaos. 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.

The 100-bolivar note is worth about 15 US cents at the highest official rate, and until recently accounted for 77 percent of the cash in circulation in Venezuela.

Source: Qatar news Agency