The Venezuelan president has announced on his radio channel the decision to close the borders for 72 hours.
Recently, Nicolas Maduro, the Venezuelan president, has decided to close the borders of his country. This move comes as a response to Mafia and its even more powerful domination. The president stated that he is prepared to destroy the mob by all means. The group seems to take advantage of the dropping economy that describes the financial state of the country at this point and contributes to worsening this situation.
The circumstances during the last years within Venezuela have left Nicolas Maduro with probably the most unstable economy in the history of his country. Venezuela was for years under mismanagement due to its socialist dictatorship. The closing borders come as a necessary measure to decrease the high rates of smuggling. Mafia was caught bringing valuable Bolivars into the country illegally. The profits of this kind of business are extremely high, but they are damaging the already weak economy
Moreover, there are many resources funded by the Venezuelan government, but they fell in wrong hands. The mob has also started smuggling outside the country valuable assets such as petrol and diesel fuels. Afterward, these are sold for considerable profits. Nicolas Maduro declared on his radio channel that authorities have already tracked down about $95,000 in bolivars that were transported illegally through shortcuts outside the country . He continued by announcing that his solution to this serious problem is to close the borders for 72 hours, effective immediately.
The Venezuelan president also intercepted warehouses in Colombian cities filled with notes of 100 bolivars. Closing the borders will also include any possible land, air, and maritime ways to get out and inside the country. This procedure will stop these notes entering Venezuela and Mafia will not be able to return them.
This sudden decision is not first of its kind. In September 2015, there was another case of closed borders ordered by the Venezuelan government. In one weekend only, 90,000 Venezuelans are attempting to enter Colombia illegally in search for common merchandise which is mostly food and medical supplies. Most of them are women, and their attempts are peaceful, with no traces of violence. The Colombian market is in a better state than in Venezuela which explains why so many people are risking their own well-being.
The rate of inflation is now at its highest peak in the history of the Venezuelan currency. These extreme measures decided by the Venezuelan president are also confirming his intentions to recall more than six billion of 100 Bolivar notes that are currently in circulation. At this moment, each bill values around $0.02. Maduro plans to replace them with higher denominations.
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