Venezuelans say the government’s move to replace the note has come too late to reverse the country’s economic woes

You need a minimum of 50 100-bolivar notes to buy a McDonald’s burger in central Caracas, and that’s without a soft drink and fries on the side. With the smallest denomination being pulled from circulation and replaced with larger notes on Thursday, wallets might lighten. But Venezuelans who responded to a Guardian callout say the move will disrupt an already chaotic situation, making the lives of the most vulnerable even worse.

“Right now, the 100-bolivar note represents almost half of all the notes we have. Because inflation is so severe, the first four notes – 2, 5, 10, 20 – are useless. Any wallet is too small to carry this amount of money,” says 25-year-old Gabriel, a student from Caracas.

“But the bank said they have not received [the new notes] ... we have almost no cash in our hands. After people changed the notes, they went to ATMs ... they received new 100 notes and had to make the line again to deposit those! This shows a little bit how illogical this situation is,” he says.

Venezuelans were given just 72 hours as of Tuesday to deposit 100-bolivar notes before they become officially worthless. Six new notes and three new coins, the largest worth 20,000 bolivars (£3.93), are to be released.

“Many countries in the world have changed their currencies but afforded enough time to exchange the old notes with new ones,” says Carlos, 58, from Caracas, who says the move is too hasty. “Think of Europe and the euro. And when Chávez changed the Venezuelan bolivar to Strong bolivars both currencies could be used for several years.

“At a shopping centre I saw two banks with huge lines of people waiting to deposit the note. At supermarkets people were paying with notes instead of with debit and credit cards as they normally do,” he says.

Facebook Twitter Pinterest People stand in line outside a state-owned Bank of Venezuela to deposit their 100-bolivar notes. Photograph: Fernando Llano/AP

The country’s currency exchange system is extremely complicated, and an enormous black market – largely responsible for the country’s inflation, currently running at an estimated 500% – has emerged.

The interior minister, Nestor Reverol, said criminals were hoarding 100-bolivar bills outside the country as part of a financial attack. By pulling the 100-bolivar note, the government hopes to crackdown on criminal gangs, specifically on the Colombian border.

Luis, 18, from Upata, a city in the north-east of the country, agrees with government action against those who profit from black market currency trading. But he is uncertain what effect it will have on his life.

“The notes are being used in Colombia by gangsters who discolour the notes in order to print or create fake dollar bills, among other uses. It is a good idea to pull the note from circulation but the problem is that it is insane to give such a short period ... and just during this period of the year when everybody is needing to buy and have cash to cover the expenses,” he says.

But Loretta, who lives in Caracas, disagrees: “If the government want to fight against the mafias they should use the police and the intelligence services, not mess up the economy even more. It is madness! They haven’t released the new bills.

“Many people don’t have bank accounts, many small business don’t have a way to pay with cards. And pensioners usually prefer to use cash because it is easier for them.”

The government hopes the move will improve the availability of food and medicine by stemming the sale of state-subsidised Venezuelan goods, which are then sold on the black market for huge profits.

“Those people who have been taking advantage of the situation, like gangsters, who resell food at high prices, who traffic gas [which is heavily state-subsidised] across the borders are the ones who have derived the maximum benefit from this situation. They have become rich, or have increased their wealth on a broad scale, by abusing the necessities of the people.

“I have friends who have lost lots of pounds, and they look so skinny and terrible ... because some of them do not have the possibility of having the three meals a day, because they cannot find a job, or they do not earn enough to buy food at least for a week,” Reverol says.

President Nicolás Maduro, who has come under increasing criticism for his handling of the economic crisis, says an economic war is being waged on the country by rightwing opponents. But critics say the government’s strict currency controls and price-fixing of certain goods are to blame.

Clarissa, a graphic designer who lives in the capital, says it is a hasty decision that won’t improve anything, but has grown used to the chaotic situation.

“Credit and debit cards services collapsed a few weeks ago and the people who spent hours at banks trying to withdraw money to have just in case, are now forced to return to their banks to deposit it all.

“This kind of move requires a lot of thought and logistics. Several questions are left unanswered. Nobody, not even taxi drivers, are taking these bills now. When are the new bills coming out? It’s nonsense,” she says.

For many, it feels as though the move has come too late. Carlos, 38, an accountant from Barquisimeto in Lara state, says the criminals have already prospered, leaving the economy beyond repair.

“Now the government wants to appear as a saviour, concealing the fact that it let thousands of crooks enrich themselves.

“The damage is done and the consequences, as always, are for the poor to cope with. If you are a Venezuelan with access to US dollars, you could take $10 and buy $45,” he says. “This economy is a heaven for the rich and a lot like Dante’s Inferno for the rest of us who remain living in concentric circles of suffering.”