In Venezuela, runaway inflation, a collapsing currency, and chronic shortages have battered the South American nation's economy for years. Over the past five years, Venezuela's economy has shrank by a quarter, according to the IMF. Now, as president Nicolás Maduro moves to tighten his grip on power, things are about to get even worse. This anxiety is reflected in the country's increasingly worthless currency. On July 29, the unofficial rate that most ordinary Venezuelans use to exchange money was 10,389 bolivars to the US dollar, according to DolarToday.

... While he accused his opponents of waging economic warfare against the country, Maduro has been running Venezuela's economy into the ground with haphazard economic and political policies, including price controls and convoluted currency interventions inherited from his predecessor, Hugo Chávez. Hyperinflation has made even basic food and medicine completely unaffordable for millions. People are fleeing the country in droves.

Comments: Be the first to add a comment

add a comment | go to forum thread