Venezuela to withdraw 100-bolívar notes by 24.12.2016

According to various sources, the central bank of Venezuela is withdrawing all 100-bolívar notes (worth US¢2 on the black market) in an attempt to stop transnational gangs from hoarding cash. Of the approximately 6 billion such notes in circulation, the government asserts that half is held by gangs abroad. The borders have been abruptly closed to prevent the gangs from repatriating the cash. Beginning 15 December 2016 when new notes denominated in 500 to 20,000 bolivars will be introduced, the public has just 10 days to exchange the old notes for new.