Venezuelans Rush to Stash Cash Before Biggest Bill Is Voided
- Venezuelans only have 72-hour window to deposit bank notes
- President Maduro closed border with Colombia as bills pulled
O'Neil: Venezuela's Collapse Has Further to Go
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Venezuelans were wearily rushing to deposit bank notes or dump their cash savings entirely on Monday following an announcement by President Nicolas Maduro that he was invalidating the country’s biggest bill because of what he says is an attack on the nation’s liquidity.
The socialist leader shocked the country on Sunday when he said the 100-bolivar note would be removed from circulation within 72 hours. For months, the South American nation has suffered a hard-cash shortage as inflation spirals toward 500 percent, which Maduro insists is the product of an “economic war” and an attempt by his political foes to smuggle currency out of Venezuela.