Endless queue lines in Venezuela

World News Adina Camarasu
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Thousands of people want to exchange the 100-bolivar banknotes which will be withdrawn from the Venezuelan markets.

Interminable queues were almost instantly formed when President Maduro gave a deadline of 72 hours for the banknotes to be replaced, according to The Guardian.

Earlier in the morning, residents of Venezuela lined up in front of exchange points across the country, with their bags full of banknotes.

In a surprising announcement, President Maduro stated that all 100-bolivars banknotes, which currently have the highest value on the Venezuelan market, will be removed from circulation after 72 hours and replaced with coins.

The queues were guarded by armed soldiers, especially because of the tense situation in Venezuela caused by the crisis affecting the country.

Maduro made the announcement on Sunday and the effects appeared very quickly.

Almost immediately after the announcement came, some shops stopped accepting these banknotes. At the same time, the government in Caracas has decided to close the border with Colombia.

Venezuelan authorities announced that large quantities of banknotes were recovered while illegally entering from Colombia. The criminal groups that carried the money aimed to destabilize the Venezuelan economy.

Authorities in Caracas have announced the arrest of 117 persons.

‘We took the decision to close the border with Colombia for 72 hours,’ said the Venezuelan president, a day after he decreed the withdrawal of 100 bolivars banknotes within three days.

According to Nicolas Maduro, the Venezuelan authorities seized 64 billion bolivars on Monday, ‘on the verge of crossing the border in bypasses’.

Venezuelan President decided to get rid of the country’s 100-bolivar banknote. This will represent a serious denomination for the Venezuelan nation.