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Report: Venezuela pulls back from taking 100-bolivar notes out of circulation

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Report: Venezuela pulls back from taking 100-bolivar notes out of circulation

Venezuela's President, Nicolas Maduro postponed the plan to remove all 100-bolivar bills, the country's largest denomination, from circulation until Jan. 2, Reuters reported.

The decision to take the bills out of circulation has resulted in countrywide protests as well as vast lines at banks.

Maduro accused foreign enemies of "sabotage" for delaying the arrival of new 500, 2,000 and 20,000 bolivar notes. "One plane, contracted and paid for by Venezuela, was told in flight to change direction and go to another country," whereas "another was not given flyover permission," accused the President.

The 100-bolivar notes, which are now worth about 4 U.S. cents at the black market currency rate, were pulled out of the market to restrict smugglers on the Colombian border.

The Democratic Unity opposition called on Maduro to resign following the unrest. "We have a government utterly stupid and destructive in economic management, whose only goal is to keep power at whatever price," said Julio Borges, an opposition leader.

As of Dec. 16, US$1 was equivalent to 9.95 Venezuelan bolivars.