The decision to pull out 100-bolivar notes was not taken due to financial reasons per se but to counter the "economic war" waged against Venezuela by a few powerful countries, its Ambassador to India today said.
"The international press will not give you to the true picture. About 80 per cent of the 100-bolivar currency notes in circulation were out of the country when the decision was being taken.
"Nearly, 100 lorries carrying bundles of bolivar notes were at the Venezuela and Colombia frontier when President Nicolas Maduro decided to close the border early December... Of course, we are not saying that the decision was taken solely because of that, but it was a big factor," Venezuelan Ambassador Augusto Montiel told reporters.
The Venezuelan government withdrew its largest banknote from circulation in its latest attempt to tackle the world's worst inflation crisis, "standing at about 400-500 per cent".
"The decision to discontinue 100-b was not because of economic reasons but to counter the economic war waged against Venezuela by a few powerful countries," he said.
Montiel also said that among the new higher-value currency notes, 1000-bolivar and 2000-bolivar have been introduced and 5000-boilivar and 10,000-bolivar should be brought in by tomorrow or so.
On India's demonetisation move, the Ambassador said: "Every country has a right to put in measures to tackle economy and I am not in position to comment beyond that."
According to reports, Maduro had said the surprise move (sealing border) was needed to help stop criminal gangs profiteering on Venezuela's border with Colombia.
"Venezuela's western frontier on Colombia side is about 2,500 km-long... And, it is difficult to guard this frontier. Hence, the move was taken to stop that currency from entering into our side," he said.
The senior Venezuelan diplomat also alleged that the international press in the West does not portray "true and complete image" of his country.
Disclaimer: No Business Standard Journalist was involved in creation of this content
