Выбор редакции

Venezuela fact of the day not what Kimball and Rogoff had in mind

Here is the background:

The Venezuelan government has announced it will remove the country’s highest-denomination banknote from circulation within 72 hours to combat contraband.

Central bank data suggests there are more than six billion 100-bolivar notes in circulation, making up almost half of all currency.

Venezuelans will have 10 days from Wednesday to exchange the notes for coins and new, higher-value bills.

President Nicolas Maduro said the move would stop gangs hoarding the notes.

Here is the fact:

Mr Maduro said on Sunday that the 100-bolivar note, worth about 2 US cents (£0.015) on the black market, would be taken out of circulation on Wednesday.

Emphasis added, and for the pointer I thank Philip Steinmeyer.

The post Venezuela fact of the day not what Kimball and Rogoff had in mind appeared first on Marginal REVOLUTION.

НОВОСТИ ПО ТЕМЕ