Published On: Mon, Dec 12th, 2016

Venezuela to scrap higher denomination banknotes

 In an effort to tackle the smuggling, the Venezuelan government is set to replace the higher denomination banknotes with coins. As per the report, the government is planning a quick replacement strategy. It is said that the replacement will happen within 72 hours. In a bid to foil all note-repatriation tricks, the border security forces are asked to stay alerted. While speaking to the media personals, the Venezuelan President, Nicolas Maduro, claims that the quick note-scrapping process will foil all the potential note-repatriation efforts. The country will overcome the financial struggle through this strategical process, adds the president. Meanwhile, the critics categorises the move as the latest effort made by the Venezuelan supremo to overcome the financial crisis. Some people observe that it is not possible to replace the notes within the time prescribed for the process. Moreover, the opposition leader, Henrique Capriles, also criticises the move opted by the ruling government. The country is presently undergoing severe economic crisis. It is facing an extreme food shortage and scarcity of necessary materials. Some experts claim that the note smuggling is one of the prime reasons that lead the country into a dangerous economic crisis. The country also suffers the world’s highest inflation rates. An IMF report indicates that the country would face a price rise of nearly 2000 per cent next year. Earlier, on November 8, the Indian government also imposed the demonetisation of the higher denomination banknotes. The move, introduced in India, invited huge criticism and setbacks.

Vignesh

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Venezuela to scrap higher denomination banknotes