Hyperinflation and black market money impose the expiry of 500 and 1000 Bolivar banknotes

The economic distortions that the country is going through annihilate, not only the daily value of the currency, but the physical acceptance of the monetary cone. As if it was the Central Bank of Venezuela, it is the economy of the street that imposes the circulation of tickets, its validity and its validity.

In Maracaibo, the bills of Bs. 500 and Bs 1,000 are destroyed even in front of the buyer. They are not received by parking attendants or traffic drivers, and they do not accept them as charities. Those who get this denomination for commercial transactions or ATMs know that they do not have much leeway.

Purchases have become the biggest problem for Venezuelans , and there are already threats to eliminate the use of two thousand bolivars, but the rejection of banknotes The weak denomination is only a consequence.

The operators of this "extinction" are, basically, spot sellers, who in the unprecedented operation of selling the national paper money up to 400%, have to get rid of the bills do a lot volume to be able to move it and exchange it more comfortably.

As well in public transport as in the smallest commercial area, the most common is to listen: "I can not accept them, because I can not At Las Pulgas market, the largest Zulia capital market, a shopkeeper told PANORAMA: If I accept a five or two thousand dollar bill, nobody else wants them and what should I do next? them ?, I can not sell them, nobody gets them. "

For cash sellers, low-denomination specimens represent a problem, but the influence of these groups in a city technically without notes is of such weight, that they put the conditions, the value of each paper, and even its validity. This illegal activity is, paradoxically, "common currency" in Zulia and Maicao.

The need for money is the engine of this crime. Since banks do not cover the demand, the ordinary citizen is obliged to look for it. The so-called "bachaqueros" have migrated their murderous power to the benefit of money and until today, they have reached it. Recent seizures by regional authorities and decrees promulgated on the illegality of this practice still have a long way to go, only if before there was no other mutation that continues to hit the weakest of the chain, the citizen. "

It's a complicated system for traders, because of the number of tickets we need to make a purchase, it's too bulky." Tell me, that a package of A million bolivars in low-value banknotes is a suitcase, how are you doing in the street? "says Ángela León, a fast-food merchant in the peripheral market

. the merchants consulted in the center of Maracaibo are that products of Colombian origin can not be purchased by low-value banknotes because border markets only accept bills of 20,000 bolivars.

Consulted on this situation, the deputy and economist Jose Guerra warned that Venezuela "is the only country with a history where the population itself rejected a low denomination ticket to the point of removing it from the force before the Announcement by competent entities. "

in such a way to the citizen who has been able to produce more shortages because he keeps money pending increases in the percentage value and price of the products. A stifling and massive impact mechanism. Merchants, service providers, employees, housewives, retirees, students, professionals, are all victims in one way or another.

Therefore, a product can have up to three prices depending on the method of payment. If you pay in cash, the price of the item will be lower, but if the payment is per point, the price sometimes exceeds more than 50% of the average value.

"The rejection of low-value bills is due to the loss of their purchase value, due to the hyperinflation that the country is going through.To prevent the phenomenon from occurring, cuts are needed higher in the currency cone, depending on the reality of the country, as well as economic measures that help slow down hyperinflation, "said the chairman of the Finance Committee.

If the problem is not corrected, it could have long-term effects on the economic system. "There are companies that need cash, no money, they can not shop or order big business, so it would affect the business sector that is dedicated to them, it would hurt traders," added Guerra .

In your opinion, the reality will not improve because no action has been taken.