Venezuela Postpones Withdrawal of 100-Bolivar Notes

Venezuela has one again delayed the withdrawal of the 100-bolivar banknotes from circulation, Vice President of Venezuela Tareck Zaidan El Aissami has announced.

MEXICO CITY (Sputnik) – The withdrawal order was first time delayed by Venezuelan President Nicolas Maduro last December soon after the decision to get rid of the highest-denomination banknote was made.

"President Nicolas Maduro has signed a decree for an extension of the legal tender of banknotes of 100 bs. [bolivars], until March 20," El Aissami wrote on Twitter on Friday.

In December, Maduro ordered the government to withdraw the highest-denomination banknote, worth 100 bolivars, from circulation as a measure against Venezuela's currency smuggling. The president said criminals were hoarding the banknotes in neighboring Colombia and the move was designed to prevent the notes from being taken back into Venezuela.

Maduro declared an economic emergency in Venezuela in January. The country’s opposition has blamed the president for the economic crisis in the country, which has seen multiple mass protests amid shortages of food, goods and services.