CARACAS, Venezuela – Venezuela is pulling its largest current bank note out of circulation amid raging inflation.
President Nicolas Maduro announced Sunday that the 100-bolivar bill will be removed by Wednesday. The 100-bolivar note is worth about 2 cents and is the most widely used bill in the economically ravaged South American country.
The government has promised to begin rolling out six larger denomination bank notes in the coming days, ranging in value from 500 to 20,000 bolivars. Maduro says he is removing the 100-bolivar note to combat smuggling on the Colombian border.
The announcement quickly came under attack, with critics saying 72 hours is not nearly enough time to switch over to the new bills. Venezuelans already wait in hour-long lines to take out money at banks and ATMs.