Venezuela Issues New Bank Notes Because of Hyperinflation

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CARACAS, Venezuela — Venezuela’s government began to issue new bank notes on Monday to replace the 100-bolívar bill, made virtually worthless by hyperinflation.

President Nicolás Maduro announced early last month that new notes would be issued to replace the old ones, a measure that promised to lighten the load for many Venezuelans, who must carry around bags of cash for even the simplest transactions.

The 100-bolívar note is worth about 2.8 American cents at Monday’s black market rate.

The new notes range from 500 to 20,000 bolívars, and the largest of the bills is worth about $5.60 on the black market. But they were not available everywhere on Monday. One bank received only the 500-bolívar bills and had run out by 2 p.m.

Although the move was intended to make life simpler, there was chaos in mid-December when Mr. Maduro abruptly announced that the 100-bolívar notes would be removed from circulation. The reason, he said, was that organized crime groups were hoarding the 100-bolívar bills.

Venezuelans rushed to exchange their bills, only to find that banks refused to accept them because they had no larger bills to offer in exchange. There were outbreaks of looting, and some people even burned the 100-bolívar notes, believing they were nothing more than paper after Mr. Maduro’s announcement.

Mr. Maduro was forced to relent and allowed the 100-bolívar notes to remain in place. He blamed his political opponents for the delay, as well as the United States, which, he said, had prevented cargo planes carrying the new bills from reaching Venezuela.

Finally, on Sunday, Mr. Maduro said the new bank notes would be phased in beginning on Monday. The 100-bolívar note is to remain in circulation until Feb 20.

The new deadline appeared to head off any panic on Monday, and it gives the government time to introduce the new notes.

Some bank customers did not even know that the new notes were being introduced. Although Mr. Maduro announced the measure in December, the new notes were dated Aug. 18, 2016.

“The central bank had probably taken the decision to release new bills and coins,” said Asdrúbal Oliveros, an economist. “Since the Central Bank doesn’t act independently here, it had to wait for the O.K. from the national government.”

“Venezuela needed new bills and coins two years ago,” he added. “It is a measure that has been delayed for a long time. The technical decision was in some way conditioned to a political decision.”