Take cash away from the citizens and, in theory, they can’t make a run on the banks and spark a full economic collapse.
Take cash away from the citizens and they can’t have full economic control over their own lives.
- Maduro says move to fight smuggling, currency attacks
- 100-bolivar bills must be out of circulation in 72 hours
Venezuela’s government ordered all 100-bolivar bank notes out of circulation within 72 hours, amid a hard cash shortage and the scheduled release this week of bigger bank notes.
With the value of Venezuela’s largest banknotes reduced to a few U.S. cents by triple-digit inflation and the currency’s collapse on the black market, the country’s central bank said it will begin circulating higher-denomination notes by Dec. 15.
Venezuela’s consumer economy is largely cash-based and lines at automated teller machines are commonplace, and sometimes cash can’t be withdrawn at all.
Full article: Venezuela Orders Largest Bills Turned in Ahead of New Bank Notes (BloombergBusiness)