Dec 13, 2016

Venezuelans are rushing to spend their 100-bolivar notes after a surprise announcement that they will be taken out of circulation this week, AP reports. President Nicolas Maduro said on Sunday that his government would be pulling the bills to stop the “mafias” who smuggle contraband on the Colombian border.

: A man walks hurriedly carrying suitcases on the Simon Bolivar bridge on the Colombian border with Venezuela, on December 12, 2016. V enezuelan President Nicolas Maduro on Monday ordered the border with Colombia sealed for 72 hours, accusing US-backed “mafias” of conspiring to destabilize his country’s economy by hoarding bank notes. The closure came a day after Maduro signed an emergency decree removing Venezuela’s largest bank note, the 100 bolivar bill, from circulation because of what he called a Washington-sponsored plot against his country’s troubled economy. (AFP PHOTO / SCHNEYDER MENDOZA)

: Venezuelan National Guard personnel stand guard behind a barrier on the Simon Bolivar bridge on the Colombian border with Venezuela, on December 12, 2016. V enezuelan President Nicolas Maduro on Monday ordered the border with Colombia sealed for 72 hours, accusing US-backed “mafias” of conspiring to destabilize his country’s economy by hoarding bank notes. The closure came a day after Maduro signed an emergency decree removing Venezuela’s largest bank note, the 100 bolivar bill, from circulation because of what he called a Washington-sponsored plot against his country’s troubled economy. (AFP PHOTO / SCHNEYDER MENDOZA)

: View of 100-bolivar-bills at a bureau de change in La Parada, municipality of Villa del Rosario, Norte de Santander department, Colombia, in the border with Venezuela, on December 11, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / SCHNEYDER MENDOZA)

: A woman shows wads of 100-bolivar-bills to change in La Parada, municipality of Villa del Rosario, Norte de Santander department, Colombia, in the border with Venezuela, on December 11, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / SCHNEYDER MENDOZA)

: A man counts 100-bolivar-bills on a machine at a bureau de change in La Parada, municipality of Villa del Rosario, Norte de Santander department, Colombia, in the border with Venezuela, on December 11, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / SCHNEYDER MENDOZA)

: A woman shows a wad of 100-Bolivar-bills in San Cristobal, Venezuela on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / GEORGE CASTELLANOS)

: A cashier receives 100-bolivar-bills from a customer at a fast food stall in Catia neighbourhood, Caracas on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / FEDERICO PARRA)

: A woman is pictured beside a sign that reads: “From tomorrow 12/13/2016 100-Bolivar-bills are not accepted” at a shop in the border town of San Cristobal in Venezuela on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / GEORGE CASTELLANOS)

: A digital cash counter is pictured at a butchery in San Cristobal, Venezuela on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / GEORGE CASTELLANOS)

: A man counts 100-Bolivar-bills on the street in Caracas on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / FEDERICO PARRA)

: People queue to use ATMs in San Cristobal, Venezuela on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / GEORGE CASTELLANOS)

: A cashier receives 100-bolivar-bills from a customer at a fast food stall at Catia neighbourhood in Caracas on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / Federico PARRA)

: A woman a coffee to a peddler with a 100-bolivar-bill in Caracas on December 12, 2016. Venezuelan President Nicolas Maduro on Sunday signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia. (AFP PHOTO / Federico PARRA)

: A man counts his 100-bolivar notes next to a sign alerting customers with a message in Spanish that reads: ‚Äù100-bolivar notes will only be received until Tuesday, 12-13-16, inside a bakery in downtown Caracas, Venezuela, Monday, Dec. 12, 2016. Venezuelans are rushing to spend their 100-bolivar notes after a surprise announcement that they will be taken out of circulation this week. President Nicolas Maduro said on Sunday that his government would be pulling the bills to stop the “mafias” who smuggle contraband on the Colombian border. (AP/Photo/Fernando Llano)

Venezuela’s currency crisis

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