First India, Now Venezuela cut their "cash" in half
By ANATOLY KURMANAEV
Dec 13, 2016 9:16 am IST
11 COMMENTS
CARACAS, Venezuela—Venezuela is taking nearly half the country’s bank notes out of circulation beginning Wednesday, threatening to ruin the holidays season for Venezuelans already suffering from dire cash shortages, hyperinflation and an economic meltdown.
The country’s largest bill, worth 100 bolivars or just 3 U.S. cents on the black market, is to become illegal, in a move designed to combat contraband along Venezuela’s borders, the government said.
President Nicolás Maduro said outlawing the notes would destroy what he claims are Colombian smuggling mafias that hoard bolivars to buy price-controlled food and gasoline in Venezuela, which is then resold at a markup. Mr. Maduro said Monday night he was closing the Colombian border until Thursday night to prevent stacks of bolivars from making it back to the country.
Buying a kilogram of tomatoes already requires a stack of at least 32 100-bolivar bills in Venezuela, where banks and credit-card terminals are scarce outside state capitals and ATMs give out a maximum of $2 a day in the national currency, the bolivar. Now it will take at least twice that many.
Venezuelans have just two days to deposit into banks the more than six billion targeted bills currently in circulation. Anyone wanting to exchange the worthless bills after that will have 10 days to submit them at the central bank after being questioned by the secret police, Mr. Maduro said in an unexpected announcement on Sunday.
Click the link below to continue reading on the Wall Street Journal Website
http://blogs.wsj.com/indiarealtime/2016/12/13/venezuela-follows-indias-example-and-voids-half-of-its-cash/
This reminds me of when Dan Aykroyd played the shady toy salesman Mr. Irwin Mainway, President of Mainway, manufacturer of the following so-called harmless playthings: Pretty Peggy Ear-Piercing Set, Mr. Skin-Grafter, General Tron's Secret Police Confession Kit, Doggie Dentist, rubber doll named Johnny Switchblade where two sharp knives spring from his arms and don't forget Bag of Glass.
JerriAnne participated at the Crossroads Holiday Boutique on Saturday, November 12, from 9:00am-4:00pm. Join us for some early Christmas shopping. Find the perfect gift with the many selections of high quality handmade items such as jewelry, blankets, scarves, candy, home goods and lots more. Stop by our cafe for a hot cup of coffee and a snack while you shop. Raffles all day!
It was quite an education to be an Election Official for the recent Presidential election on November 8th, 2016. Set up the night before. On Election Day We worked from 6:00am - 9:00pm. Learned about the checking, crosschecking and layer after layer of security. Checkout out the nifty pin we received.
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