Venezuela shuts Colombia border to fight currency smuggling
Venezuelan President Nicolas Maduro has
ordered the closure of the border with Colombia for 72 hours in a crackdown on
currency smuggling by what he says are "mafias" trying to destabilize
the socialist-run economy. Maduro announced the decision Monday following a
meeting with top economic aides. The move comes as he is trying to curb
Venezuela's galloping inflation and roll out a new range of bank notes after
deciding to pull from circulation a 100-bolivar bill. It is currently the
country's largest-denominated bill but worth only about 3 U.S. cents at the
widely used black market rate. Maduro warned Sunday that people will not be
allowed to bring back 100-bolivar bills from outside Venezuela to trade them in
for the new bank notes. More…
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