December 13, 2016 8:58 AM

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Venezuela President orders closure of border with Colombia for 72 hours in crackdown on currency smuggling

Venezuela President Nicolas Maduro ordered the closure of border with Colombia for 72 hours in a crackdown on currency smuggling by what he has called mafias trying to destabilize the socialist-run economy. <br/><br/>Maduro announced the decision yesterday after meeting with top economic aides. The border closure comes as Maduro is trying to curb Venezuela's galloping inflation and roll out a new range of bank notes after announcing on Sunday that the government would pull from circulation a 100-bolivar bill. <br/><br/>Maduro warned on Sunday that people would not be allowed to bring back 100-bolivar bills from outside Venezuela to trade them in for the new bank notes. Venezuelans rushed to spend their 100-bolivar notes yesterday, before the government's tomorrow deadline for taking the note out of circulation.

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