Venezuela closes border with Colombia to combat cash smuggling

‘Venezuelan President Nicolas Maduro has closed the frontier with Colombia for 72 hours to prevent the smuggling of bank notes due to be removed from circulation. The border only reopened in August after being shut for a year.
On Sunday, Venezuelan authorities said that the 100 bolivar banknote would be withdrawn and replaced with coins of the same face value within three days to crack down on organized criminals operating on the border.
On the official exchange rate the 100 bolivar banknote is equal to $10, but on the black market, it has fallen to about $0.02. The government also plans to print six new bills worth between 500 and 20,000 bolivars, starting on December 15.’
Read more: Venezuela closes border with Colombia to combat cash smuggling