Venezuela again delays withdrawal of 100 bolivar notes

Venezuela, for the second time, decided to delay the withdrawal of its 100 bolivar banknotes from circulation, according to media reports on Saturday.

In December, it was delayed for the first time by Venezuelan President Nicolas Maduro soon after the decision to get rid of the highest-denomination banknote was made.

In a tweeted message on Friday, Vice President Tareck Zaidan El Aissami said that the 100 bolivar banknotes will remain as legal tender until Mar 20 as per a decree signed by President Nicolas Maduro.

In December, Maduro ordered the government to withdraw the highest-denomination banknote from circulation as a measure against Venezuela’s currency smuggling, mainly to prevent the notes which were being hoarded by criminals in neighbouring Colombia from returning to Venezuela.

Later, in January, an economic emergency was declared in the country, media reported.