Long queues continued to form outside banks across the Venezuelan capital Caracas on the day President Nicolás Maduro was set to do away with smaller denomination bank notes, amid mounting evidence the country had entered a dangerous hyperinflation spiral. The embattled president shocked Venezuela four days ago when he announced plans to scrap the 100 bolívar bill that makes up about half of all the country’s currency, but which has become increasingly worthless in an economy where annual inflation is forecast to top 1,600 per cent next year. The plan, which the government insists is necessary to fight currency hoarders and counter an “economic war”, is to replace the old money with new high denomination notes, including 10,000 and 20,000 bolívar bills, but as of Thursday they had yet to come into circulation.