CARACAS – The government of Venezuela said on Friday that the 100-bolivar banknote, which was due to go out of circulation in December, will now stay valid for one more month due to delays in the production of new bills.
Venezuelan Vice President Tareck El Aissami took to Twitter to announce that President Nicolas Maduro had decided to extend the validity of the 100-bolivar note, which is worth about 14 US cents, until July 20.
El Aissami said the Central Bank of Venezuela and other relevant authorities have been informed of the decision.
He added that the national banking system will guarantee “full circulation of the bill” at all its branches and ATM machines.
This is the seventh time that the government has extended the date to get the bill out of circulation.
Maduro ordered demonetization of the bill on Dec. 11, 2016, saying it will lose value within 72 hours, which led to it being deposited in large quantities nationwide.
The opposition called the measure irresponsible after three people lost their lives in the deposit process, which saw protests and looting.
Maduro has said that new bills of 500, 1,000, 2,000, 5,000, 10,000 and 20,000 bolivars will be available through ATMs and that the process would be completed in May.
He also asked his cabinet, supervising the operation, to avoid any delays.