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Venezuela Caps Daily Bank Withdrawals at US$5 to Avoid Bankruptcy

By: Sabrina Martín - @SabrinaMartinR - Nov 17, 2016, 11:41 am
Sudeban ordenó a la banca pública y privada abstenerse de pagar más de 10 mil bolívares diarios (0800 noticias)
People have to carry more cash in response to inflation, but can’t withdraw the cash from banks. (0800 noticias)

EspañolVenezuela has put a cap on daily bank withdrawals at VEF $10,000, or US $5.26.

The Superintendency of Banking Sector Institutions (Sudeban) ordered public and private banks to refrain from paying out more than US $ 5.26 per day in cash from offices or ATMs.

Users have reportedly expressed frustration at trying to withdrawal money since Novemeber 15 with checks or through cashiers.

According to a statement released by Sudeban, users can make a maximum of four transactions per day to withdraw up to US $5.

The decision was made as Venezuela suffers from rampant inflation exceeding 750 percent, which has forced many citizens to handle more cash for their purchases.

Venezuelans took to social media to express their concern about the strange financial decision made by their government, calling it a “financial corralito.”

CORRALITO… Up to 10.000 VEB can be withdrawn from banks and ATMs in Venezuela

A financial corralito is a government’s attempt to avoid bankrupting its banking system in times of economic recession, and when confidence in that system has noticeably declined. When people begin to distrust the system, they withdraw all of their savings in cash.

No Bills

The delivery of bank notes to various public and private banking agencies has reportedly fallen by an average of 50 percent in the last month.

According to sources linked to the Central Bank of Venezuela, the new banknotes will enter into circulation on December 15, but will do so through a gradual process. Two-hundred bolivar notes (USD $ 0.10) and 500 bolivars (USD $ 0.25) will be released first and then 1,000 bolivar notes (USD $ 0.50), followed by 5,000 (USD $ 2,63), 10,000 (USD $ 5,2) and 20,000 bolivares (USD $ 10.50) notes.

Source: El Nacional

Sabrina Martín Sabrina Martín

Sabrina Martín is a Venezuelan journalist, commentator, and editor based in Valencia with experience in corporate communication. Follow @SabrinaMartinR.

Why Univision Is among the Biggest Losers after Trump Victory

By: Orlando Avendaño - @OrlvndoA - Nov 17, 2016, 10:16 am
It seems that Univision has learnt nothing of its regrettable journalistic coverage of the US presidential race (The Washington Post)

EspañolWith Republican Donald Trump winning the 2016 US Presidential elections this Novemeber, media outlets across the country and the world got an unexpected shock, including television network Univision. "It's a fact, the media lost big on Election Day," Writer Jorge Bonilla said on election day. "But it seems that the channel that lost the most in these elections was the one that learned the least." Throughout the race, Univision maintained a fairly firm position in favor of Democrat Hillary Clinton." "It is not supposed to end like this for the largest Spanish-speaking channel in the country," Bonilla said, "which practically handed over the presidency to Hillary Clinton." Read more: Why Trump Shouldn't Immediately Repeal Obamacare Read more: Trump Backlash Fails to Materialize, Confirming Power of GOP Latinos According to Bonilla, Univision abandoned objectivity by focusing on the demonization of anyone who opposed the interests and political preferences of the network in issues such as immigration or climate change. The channel focused on Trump, amplifying his inflammatory statements while also attacking anyone who might have posed as an alternative to Clinton, even waging a "dirty war against Marco Rubio." Now, with Trump's victory, Univision is clashing with reality. They had a celebration prepared for Clinton's victory, Bonilla says, but it was obviously canceled. "Is the channel being punished after suffering such cataclysmic humiliation? Did Univision learn its lesson after turning a blind eye to Hillary Clinton's shortcomings in order to punish Trump?" Bonilla asked. He said it doesn't appear that way. According to the writer, the regrettable coverage that Univisión had of the electoral contest could result in a loss of viewers and potential voters associated with the Democratic Party. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1459522593195-0'); }); Univision facing red numbers The Spanish-language media giant will lay off six percent of its staff, according to The Washington Post, which amounts to around 200 people. Entertainment and News Head Isaac Lee said the layoffs "are a response to difficult and challenging times." "We need to position ourselves for the future," he said. Univision reportedly had a net loss of US $30.5 million, out of a total revenue of US $735 million — an eight-percent drop. "Univision should spend time in deep reflection and evaluation of its own journalistic practices," Bonilla said. "But it seems the network has not learned anything. "

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