"Maduro Stunner: Venezuela Eliminates Half Its Paper Money After Pulling Largest Bill From Circulation
"I have decided to take out of circulation bills of 100 in the next 72 hours," Maduro said.
"We must keep beating the mafias."
Venezuela just eliminated half the paper cash in circulation.
Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.
Authorities on Thursday are due to start releasing six new notes and three new coins, the largest of which will be worth 20,000 bolivars, less than $5 on the streets. No official inflation data is available for 2016 though many economists see it in triple digits. Economic consultancy Ecoanalitica estimates annual inflation this year at more than 500%, close to the IMF's estimate.
the oil-producing nation's bolivar currency has fallen 55% against the U.S. dollar on the black market in the last month.
Money supply, the sum of cash and checking deposits as well as savings and other "near money" deposits, was up a staggering 19% in the three weeks to Dec. 2
Venezuela will not be the last"
http://www.zerohedge.com/news/2016-12-11/maduro-stunner-venezuela-eliminates-half-its-paper-money-after-pulling-largest-bill-
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"I have decided to take out of circulation bills of 100 in the next 72 hours," Maduro said.
"We must keep beating the mafias."
This is actually happening
Venezuela just eliminated half the paper cash in circulation.
Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.
Cue chaos
Authorities on Thursday are due to start releasing six new notes and three new coins, the largest of which will be worth 20,000 bolivars, less than $5 on the streets. No official inflation data is available for 2016 though many economists see it in triple digits. Economic consultancy Ecoanalitica estimates annual inflation this year at more than 500%, close to the IMF's estimate.
the oil-producing nation's bolivar currency has fallen 55% against the U.S. dollar on the black market in the last month.
Imagine if the US dollar fell 55% in a month
Most can't
Money supply, the sum of cash and checking deposits as well as savings and other "near money" deposits, was up a staggering 19% in the three weeks to Dec. 2
They are printing themselves all the way up to zero,
otherwise known as infinity,
AKA worthless
http://www.zerohedge.com/news/2016-12-11/maduro-stunner-venezuela-eliminates-half-its-paper-money-after-pulling-largest-bill-
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@GregorMacdonald What does India or Brazil look like? Dollar up, their currencies down, energy prices up to them, plus % on $ denom.. debt— Abner Doon (@ghartzman) December 11, 2016
