Venezuela extends use of 100-bolivar bill following protests
CARACAS, Venezuela — Venezuela’s government on Saturday extended the use of its 100-bolivar bill until Jan. 2, after its decision to pull the banknote out of circulation left the country largely without cash, and sparked protests and looting.
President Nicolas Maduro said the decision to put Venezuela’s most widely used note back in use came after the promised higher-denomination replacement bills were still unavailable because three planes transporting them were “victims of sabotage.” He did not give details of the alleged sabotage.
The “new logistics” of rolling out the banknotes, including the 500-bolivar bill, meant that their launch would have to wait, Maduro said in a televised address.
Venezuela is plagued by the world’s highest inflation, and Maduro made the surprise announcement that the 100-bolivar bill would be replaced a week ago. The note had been the country’s largest denomination but its value against the U.S. dollar has dropped to about 2 cents, down from 10 cents at the start of the year.