Footage has emerged from Venezuela, of thousands of people queuing to exchange their 100-bolivar notes, after the Government announced it was removing the currency from circulation in an attempt to tackle the inflation crisis.

The video, shot on Tuesday, shows a massive crowd lining up in front of a bank in Tulia, waiting to exchange their cash.

According to reports, Venezuela’s inflation rate is running at an estimated 500 per cent and shortages of food and medicine have pushed the poorest population into a humanitarian crisis.