World Economy

Worthless Paper

Worthless PaperWorthless Paper

Venezuelans have been given just three days to swap their biggest bolivar notes for coins. The South American nation will withdraw all 100 bolivar notes and replace them with coins of the same face value within 72 hours, state-run news agency AVN said. President Nicolas Maduro said the emergency decree was aimed at “mafias” smuggling the notes outside the country. They would be stuck with worthless paper, he said. It’s the latest in a series of desperate measures by the Venezuelan government to contain a spiraling economic crisis. Inflation could hit 500% this year and 1,660% in 2017, according to the International Monetary Fund.


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