CARACAS, Venezuela – Venezuelans are rushing to spend their 100-bolivar notes after President Nicolás Maduro’s announcement they will be taken out of circulation to stop the contraband smuggling “mafias” along the Colombian border that he says hoard cash outside the country.
The government has promised to issue new, higher-denomination bills this week amid the world’s highest inflation.
Maduro warned Sunday that people will not be allowed to bring back 100-bolivar bills from outside the country to trade them in for new currency. People loyal to Maduro’s socialist party on Monday circulated drawings on social media of hapless criminals trying to smuggle 100-bolivar bills into Venezuela like drugs.
An estimated third of Venezuelans have no bank account and keep their savings in the soon-to-be-worthless bills.