December 13 2016
President Nicolas Maduro. | Photo: AVN
According to authorities, the objective of the currency war is to leave the country with no liquidity in order to cause chaos in daily transactions.
Venezuelan President Nicolas Maduro said Wednesday that security forces have been deployed to banking facilities in the private and public sector in order to monitor the inventory of available bills of 100 bolivars.
In a communique, the president thanked the central bank for cooperating and ordered banks to facilitate the opening of bank accounts for Venezuelan individuals.
He also ordered the reduction of the value-added tax of 2 percent for transactions online.
Criminal and right-wing elements
Maduro signed a decree Sunday establishing the end of the circulation of the 100 bolivars bill with the aim of stopping the extraction of the Venezuelan currency by criminal and right-wing elements that carry out illicit activities.
According to Venezuelan authorities, the money is withdrawn through various NGOs — contracted by the U.S. Department of the Treasury — to stifle Venezuela’s financial system.
NGOs hired organized crime groups
Through this operation, NGOs hired organized crime groups to extract tickets for which they paid between US$0.80 cents and US$1.30.
Venezuelans who have 100 bolivars bills can continue to use them in all their payments until they are out of circulation and will also have the possibility to exchange them at the public bank or deposit them in their accounts of any banking entity for 72 hours, beginning Tuesday.
Presidential legal adviser, Elvis Amoroso, explained that at the end of the 72-hour period for the exchange, the Central Bank of Venezuela will open a period of 10 days to continue the exchange.