Venezuelan President Nicolás Maduro and Colombian President Juan Manuel Santos on 19 December 2016 agreed to gradually reopen the frontier beginning on 20 December. Maduro first shut down the border on 13 December for a 72-hour period to prevent alleged economic attacks from Colombia, and had stated the border would be closed until 2 January 2017. However, Venezuelan Defense Minister Vladimir Padrino López announced via Twitter that the pedestrian crossing, the Simón Bolívar International Bridge between San Antonio del Táchira in Venezuela and Cúcuta, Norte de Santander province, would reopen, followed by the eventual normalization of all border crossings (Efecto Cocuyo). Colombian Communication and Information Minister Ernesto Villegas also took to Twitter to report that the president instructed the Banco Central de Venezuela and Colombia's Banco de la República to discuss a solution to the problem of instability in Venezuela's money supply (Panorama).
The border reopened after the Colombian Foreign Relations Ministry announced on 19 December it summoned Iván Rincón, the Venezuelan Ambassador to Colombia, to Bogotá to hand Rincón a statement. The declaration expressed the Colombian Government's disagreement with Venezuela's accusations that Colombia has caused economic instability in Venezuela (El Nacional). Santos commented on 19 December that Venezuela's economic problems are not on the Colombian border, and stated he would travel to Cúcuta on 20 December to speak with local authorities (El Nacional). Maduro's decision to blame "cash mafias" and currency exchange houses in Colombian border cities such as Cúcuta for soaring inflation and currency hoarding have led to strained relations with Colombia since 11 December, when Maduro announced that all 100-bolivar notes would be removed from circulation. Maduro has since reversed the policy, and the decision to gradually reopen Venezuela's border with Colombia could help to repair relations with its neighbor and ensure Venezuelans can cross into Colombia for much-needed supplies of food and medicine.