As if the financial situation in Venezuela isn’t bad enough, bank ATM withdrawal limits have been restricted. Every bank customer can withdraw US$5 worth of Bolivars per day from now on. Going to the bank teller behind the counter is subject to the same limits. Not a positive development by any means and the situation will only grow worse.
These new guidelines were designed to go into effect as of December 1, 2016. Several Venezuelan banks are already enforcing these new limits without prior warning, though. A limit of 10,000 bolivar per day is next to nothing, due to heavily inflated prices. A quick conversion teaches us 10,000 bolivar is roughly equal to US$5.
Bank users are not too happy about this new guideline, as they struggle to access their own savings. That is, those who have any money left in the bank right now. Venezuela has been hit by hyperinflation throughout 2016, and prices for goods and services are still skyrocketing today.
Venezuela ATM Withdrawal Limits Are Troublesome
Several factors are to blame for this drastic change. Public and private banks are suffering from liquidity problems. If there is not enough cash on hand to