Venezuelans rushed to trade in their 100-bolivar bills ahead of a Wednesday deadline after President Nicolas Maduro said he was eliminating the nation's highest currency denomination in an attempt to fight speculation and currency hoarding, according to dpa. But chaos reigned on Monday, a bank holiday, as consumers tried to get rid of the notes by paying with them, and some businesses refused to accept them. Maduro announced Sunday that 100-bolivar bills would be taken out of circulation starting Wednesday to combat what he called a calculated "attack" by gangs trying to destabilize Venezuela's economy by storing large numbers of the bills out of the country. Interior Minister Nestor Reverol told the country's banking association that an investigation showed more than 300 billion bolivars had been funnelled out of the country to neighbouring Colombia and beyond. Reverol accused the United States of being behind an operation to "asphyxiate" Venezuela's financial system and cause suffering to the Venezuelan people. Starting Thursday, Venezuela's central bank will begin circulating new denominations from 500 to 20,000 bolivars, as well as new 10-, 50- and 100-bolivar coins. Venezula's ongoing economic crisis has led to the world's highest inflation, which according to independent estimates will close out 2016 at 600-700 per cent. The country's currency has become close to worthless, with a black market exchange rate of 4,500 bolivars to the dollar - making the 100 bolivar bill worth about two US cents.
