Venezuela prepares to devalue currency, amid fears it may worsen economic crisis

Caracas shears five zeros from bolívar, which will be pegged to new cryptocurrency Venezuela moved to shore up its crumbling economy on Monday, devaluing its currency and preparing to hoist the minimum wage by more than 3,000% in what the country’s president, Nicolás Maduro, declared a visionary bid to tame rampant hyperinflation. More than 500,000 Venezuelans have fled overseas this year amid chronic shortages of food and medicine, soaring crime and warnings from the International Monetary Fund (IMF) that inflation could hit 1m% this year. Continue reading... source: https://ift.tt/2nQAY8T #Headlines by: Tom Phillips Latin America correspondent Original Post: https://ift.tt/2nQAY8T https://ift.tt/2MKuk2h
source: https://droolindognews.blogspot.com/2018/08/venezuela-prepares-to-devalue-currency.html