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Published On: Sat, Dec 31st, 2016

Venezuela Extends Currency Exchange Deadline to January 20

 nsnbc : The administration of Venezuelan President Nicolas Maduro extended the currency exchange deadline for old Bs100 bills t0 January 20.

Women shows stacks of 100 Bolivar bills. Courtesy (AFP).

Women shows stacks of 100 Bolivar bills. Courtesy (AFP).

It is the second time that the administration extended the deadline. It was first extended until January 2, after the initial deadline was set for December 15. Owners of the old Bs100 bills can thus either spend or exchange the old banknotes until January 20.

The initial deadline stirred up controversy in Venezuela and between Venezuela and neighboring Colombia. It gave people less than  two weeks to exchange the old Bs100 bills. Venezuelans protested due to currency shortages as the issuance of new bills was delayed.

The Colombian government protested, stressing that the short time to exchange the banknotes would have a devastating impact on Colombian businesses near the border that accepted Venezuelan currency. A solution was eventually found after Venezuela initially tried to dismiss the protests by stating that it wouldn’t support “mafias” that operate in the border region.

Moreover, non of the new bills Venezuela plans to issue have yet been put into circulation – so the real question is, what Veneuelans should exchange old banknotes with. The Country is suffering from a runaway inflation.

Without introspection about systemic failures, President Nicolas Maduro lashed out claiming an economic war was being waged against Venezuela which has caused the crisis over the last decade. He stated “I guarantee that 2017 and 2018 will be years of economic and cultural expansion”, but didn’t elaborate on how he or his administration will achieve this.

A/N – nsnbc 31.12.2016

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