Demonetization Results With Loot, Riots, Protests In Venezuela

Looting, protests and riots have lately become common in Venezuela after the country banned its 100-bolivar bill currency. To halt such incidences President Nicolas Maduro has extended the use of currency notes until January 2.

The replacement higher-denomination notes were widely unavailable against the plans due to three planes transporting those to Venezuela became victims of international sabotage, said Maduro without giving details of the allegation.

The new notes are being printed at companies abroad and those failed to come into circulation by Thursday as promised by the president earlier.

Addressing a rally in Caracas on Saturday Maduro said, “We are victims of an international sabotage so the bills, which are ready, cannot be shipped to Venezuela.”

The president announced surprisingly last Sunday all the 100-holivar notes will be pulled out from circulation to combat hoarding of currency.

The daily scenes in the country were something sort of frustrated people crowding banks and automated teller machines to deposit the banned currency notes.

On Friday and Saturday violence erupted in about six cities including Maracaibo. A 15-year-old died in El Callao and more than 100 businesses were looted. About 135 people too have been arrested and curfew was ordered in Ciudad Bolivar.

Meanwhile, the borders with Colombia and Brazil have been closed and to remain as such until January 2.