Venezuela pulls highest-value banknote “to beat mafia”December 12, 2016 - 16:05 AMT PanARMENIAN.Net - The Venezuelan government is to withdraw its largest banknote from circulation in its latest attempt to tackle the world’s worst inflation crisis, The Guardian said. President Nicolás Maduro said on Sunday, December 11 that the 100-bolivar note, which is currently worth only two US cents (1.6p) on the black market, will be withdrawn on Wednesday. Venezuelans will then have 10 days to exchange the notes at the central bank. Maduro said the surprise move was needed to help stop criminal gangs profiteering on Venezuela’s border with Colombia. “We must keep beating the mafias,” he said. His beleaguered government has already announced plans to introduce six larger notes and three new coins from Thursday this week. Critics said the latest move was impractical and would not tackle the root cause of the country’s financial crisis. It also risks prompting a repeat of scenes witnessed in India last month when the withdrawal of highest value rupee notes prompted huge queues at banks. Writing on Twitter, opposition leader Henrique Capriles said: “When ineptitude governs! Who would possibly think of doing something like this in December amid all our problems?” Maduro is facing mounting anger over his handling of the financial and political crisis engulfing Venezuela. In October, officials blocked an attempt to hold a referendum recall of his socialist government. Last month, plans for Vatican-brokered talks were put on hold after officials failed to attend meetings. The opposition is seeking to oust Maduro, but authorities vow he will not leave office before his term ends in 2019. Venezuela’s inflation rate is running at an estimated 500% and shortages of food and medicine have pushed the poorest members of its 30 million-strong population to the brink of a humanitarian crisis. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |