The Minister of Interior, Justice and Peace of Venezuela, Nestor Reverol, stressed Monday that the methodology of extraction of high denomination notes is a war operation that was also used in countries like Iraq and Libya, devastated after U.S. military interventions.
After meeting with representatives of the Banking Association of Venezuela, the official explained that the objective of this strategy is to leave the country with no liquidity in order to cause chaos in daily transactions.
Venezuelan President Nicolas Maduro signed a decree Sunday establishing the end of the circulation of the 100 bolivars bill with the aim of stopping the extraction of the Venezuelan currency by elements that carry out illicit activities.
"These operations have been practiced in other countries like Iraq and Libya where they attack the currency and create a crisis to seek the overthrow of the government, as part of the unconventional war that also seeks to collapse the financial system," Reverol said.
The minister claimed that the money is withdrawn through various NGOs — contracted by the U.S. Department of the Treasury — to stifle Venezuela's financial system.
"Venezuelan money is stored in sheds in Colombian cities bordering Tachira and also cities in countries like Switzerland, Poland, Ukraine, Spain, Germany and the Czech Republic," he said.
Through this operation, NGOs hired organized crime groups to extract tickets for which they paid between US$0.80 cents and US$1.30.
"In addition to the payment for each ticket, the deal allowed them to repatriate the money in the event of a coup and destabilization actions against President Nicolas Maduro," Reverol said.
Venezuelans who have 100 bolivars bills can continue to use them in all their payments until they are out of circulation and will also have the possibility to exchange them at the public bank or deposit them in their accounts of any banking entity for 72 hours, beginning Tuesday, Dec. 13.
Presidential legal adviser, Elvis Amoroso, explained that at the end of the 72-hour period for the exchange, the Central Bank of Venezuela will open a period of 10 days to continue the change.