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Venezuelan rush to unload bank notes before deadline | Daily Mail Online
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By ASSOCIATED PRESS
PUBLISHED: 23:56, 13 December 2016 | UPDATED: 23:57, 13 December 2016

CARACAS, Venezuela (AP) Venezuelans took a break from lining up to buy food
and medicine Tuesday and spent their day waiting in crowds to deposit bank notes
about to become worthless.
As tempers lared in bank lines, political tensions rose as well, with congress
o icially charging President Nicolas Maduro with dereliction of duty for driving the
South American country into economic ruin.
Maduro made a surprise announcement over the weekend that the 100-bolivar note,
having already lost most of its value this year, will be taken out of circulation
Wednesday. It is the country's largest-denominated bill and the most widely used.

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+8
A street vendor inspects the authenticity of a 100-bolivar note as people stand in line outside a
bank to deposit their bank 100-bolivar bank notes, in Caracas, Venezuela, Tuesday, Dec. 13,
2016. Venezuelans are taking a break from lining up to buy food and medicine to wait in long
lines to deposit bank notes that have suddenly been declared worthless. President Nicolas
Maduro made a surprise announcement this week that the 100-bolivar note, the country's
largest-denominated bill and by far the most widely used, will be taken out of circulation
Wednesday. (AP Photo/Fernando Llano)

Monday was a bank holiday, so starting Tuesday morning people lined up before
banks opened waiting to deposit their 100-bolivar notes in their accounts. Wealthier
Venezuelans skipped the lines and instead carted backpacks full of bills to spend
them at restaurants and upscale shopping centers.
People working in Venezuela's informal economy who keep their savings in cash
talked gloomily at taxi stands and street kiosks. About one-third of Venezuelans don't
http://www.dailymail.co.uk/wires/ap/article-4029422/Venezuelan-rush-unload-bank-notes-deadline.html

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15/12/2016

Venezuelan rush to unload bank notes before deadline | Daily Mail Online
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have bank accounts, so have no way to deposit the soon-to-be-worthless bills.

The 100-bolivar note fell in value this year from 10 cents to 2 cents. Some are using
the bills to decorate Christmas trees or are handing them out as party favors at bars.
The socialist government has promised to release higher-denomination notes this
week amid the world's highest in lation and widespread shortages of goods. But
economists say the rollout will not be fast enough to replace the 100-bolivar note
and avoid a temporary freeze on cash transactions. On Tuesday, banks quickly ran
out of lower denomination bills.
Along with the surprise decommissioning of the most widely used bill, Maduro shut
the border with Colombia this week, saying a 72-hour closure was needed to attack
"ma ias" that are destabilizing the economy by hoarding hard-to- ind bolivar notes
and sending them back across the border for huge gain. Critics mocked the idea
that gangsters would keep their wealth in the world's fastest devaluing currency.
The currency chaos held center stage Tuesday, and few people paid much attention
to the day's political wrangling.
In a largely symbolic gesture, the opposition-controlled National Assembly declared
Maduro responsible for the country's economic and social crisis and said he had
failed to complete his constitutional duties.
Lawmakers began holding impeachment hearings against Maduro in October, even
though Venezuela's congress has no power to remove a president from o ice. They
had put the campaign on hold to engage in Vatican-mediated negotiations with the
government, but those talks fell apart last week as the opposition protested the
government's lack of concessions and legislators resumed the "trial."

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Maduro controls other branches of government, including the military and the
Supreme Court, which has already declared the National Assembly illegitimate.
Also on Tuesday, the government released four imprisoned opposition activists. The
opposition responded that the four should never have been jailed and accused the
government of taking prisoners just to release them later for political points.
___
Hannah Dreier is on Twitter at https://twitter.com/hannahdreier . Her work can be
found at https://www.ap.org/explore/venezuela-undone .
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+8
A woman counts her 100-bolivar notes while standing in line outside a bank in Caracas,
Venezuela, Tuesday, Dec. 13, 2016. Venezuelans are taking a break from lining up to buy food
and medicine to wait in hundred-person lines to deposit bank notes that have suddenly been
declared worthless. President Nicolas Maduro made a surprise announcement this week that

http://www.dailymail.co.uk/wires/ap/article-4029422/Venezuelan-rush-unload-bank-notes-deadline.html

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Venezuelan rush to unload bank notes before deadline | Daily Mail Online

the 100-bolivar note, the country's largest-denominated bill and by far the most widely used,
will be taken out of circulation Wednesday. (AP Photo/Fernando Llano)

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People stand in line outside a state-owned Bank of Venezuela to deposit their 100-bolivar
notes, in Caracas, Venezuela, Tuesday, Dec. 13, 2016. Venezuelans are taking a break from
lining up to buy food and medicine to wait with hundreds of others to deposit bank notes that
are about to be considered worthless. President Nicolas Maduro made a surprise
announcement this week that the 100-bolivar note will be taken out of circulation Wednesday.
(AP Photo/Fernando Llano)

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People form a line outside of a state-owned bank to deposit their 100-bolivar notes, in
Caracas, Venezuela, Tuesday, Dec. 13, 2016. Venezuelans are taking a break from lining up to
buy food and medicine to wait in hundred-person lines to deposit bank notes that have
suddenly been declared worthless. President Nicolas Maduro made a surprise announcement
this week that the 100-bolivar note, the country's largest-denominated bill and by far the most
widely used, will be taken out of circulation Wednesday. (AP Photo/Fernando Llano)

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Venezuelan rush to unload bank notes before deadline | Daily Mail Online
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A Venezuelan army soldier handles crown control outside a bank where hundreds are lined up
to deposit their 100-bolivar notes, in Caracas, Venezuela, Tuesday, Dec. 13, 2016. Venezuelans
are taking a break from lining up to buy food and medicine to wait in hundred-person lines to
deposit bank notes that have suddenly been declared worthless. President Nicolas Maduro
made a surprise announcement this week that the 100-bolivar note, the country's largestdenominated bill and by far the most widely used, will be taken out of circulation Wednesday.
(AP Photo/Fernando Llano)

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+8
Venezuelans army soldiers guard the main entrance of a bank where people are lined up to
deposit their 100-bolivar notes in Caracas, Venezuela, Tuesday, Dec. 13, 2016. Venezuelans are
taking a break from lining up to buy food and medicine to wait in hundred-person lines to
deposit bank notes that have suddenly been declared worthless. President Nicolas Maduro
made a surprise announcement this week that the 100-bolivar note, the country's largestdenominated bill and by far the most widely used, will be taken out of circulation Wednesday.
(AP Photo/Fernando Llano)

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Venezuelan rush to unload bank notes before deadline | Daily Mail Online

+8
A man checks a 100-bolivar note as he stands in line outside of bank in Caracas, Venezuela,
Tuesday, Dec. 13, 2016. Venezuelans are taking a break from lining up to buy food and
medicine to wait in hundred-person lines to deposit bank notes that have suddenly been
declared worthless. President Nicolas Maduro made a surprise announcement this week that
the 100-bolivar note, the country's largest-denominated bill and by far the most widely used,
will be taken out of circulation Wednesday. (AP Photo/Fernando Llano)

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Supporters of Venezuela' s President Nicolas Maduro shout slogans against the National
Assembly as they hold a banner that reads in Spanish "No to the political trail of President
Nicolas Maduro" in Caracas, Venezuela, Tuesday, Dec. 13, 2016. The National Assembly of
Venezuela, controlled by the opposition, has resumed the political trail against President
Nicolas Maduro. (AP Photo/Fernando Llano)

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Venezuelan rush to unload bank notes before deadline | Daily Mail Online

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