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Inflation-hit Venezuela to pull largest bill from circulation
By Girish Gupta
Reuters
Sunday, December 11, 2016
CARACAS, Venezuela -- Mired in an economic crisis and facing the world's highest inflation, Venezuela will pull its largest bill, worth two U.S. cents on the black market, from circulation this week ahead of introducing new higher-value notes, President Nicolas Maduro said today.
The surprise move, announced by Maduro during an hours-long speech, is likely to worsen a cash crunch in Venezuela. Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.
Critics slammed the move, which Maduro said was needed to combat contraband of the bills at the volatile Colombia-Venezuela border, as economically nonsensical, adding there would be no way to swap all the 100-bolivar bills in circulation in the time the president has allotted. ...
... For the remainder of the report:
http://www.reuters.com/article/us-venezuela-economy-idUSKBN140115
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