by BEN KEW
20 Aug 2018
Venezuela is set to face further economic turmoil after socialist dictator Nicolás Maduro announced economic reforms that include lopping five zeroes off the value of the Bolivar currency and increasing the country’s minimum wage by 3,500 percent this weekend.
Under the new measures, Maduro has created what is known as the “sovereign bolívar,” a parallel currency to the main bolívar, that slashes five zeroes off the country’s currency. The official exchange rate for the bolívar will rise from about 285,000 per dollar to 6 million per U.S. dollar, roughly in line with its true market value, while the government has also raised the monthly minimum wage by 3,500 percent to the equivalent of $30 a month. Prior to this change, hyperinflation drove people’s wage packets down to as little as one dollar a month.
In his announcement on Friday night, Maduro said that the government would cover minimum wage increases for businesses for up to 90 days as they adjust to inflation...........To Read More....
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