Author Topic: So Venezuela is changing today! (Read 6462 times)

SarahApple · « **on:** August 21, 2018, 10:27:14 AM »

The key changes, which will come into effect from today:

Devalue Venezuela's currency, the bolivar, by a whopping 95%. The new currency will be renamed the "sovereign bolivar."
Instead of an exchange rate of 250,000 bolivars per US dollar, it will increase to around 6 million.
According to Bloomberg, the new bolivar will be pegged to the government's own cryptocurrency, the petro.
The sovereign bolivar will move in line with changes in the petro, which itself is linked to movements in oil prices.
The petro is valued by the Venezuelan government at around $60, or 3,600 sovereign bolivars.
To make things more complicated, the new sovereign dollar will also be re-denominated, which will remove about five zeros from its unit measurement.
At the same time, President Maduro also announced a huge 3,000% increase to the minimum wage.
So in the new re-denominated currency, a person on the minimum wage will receive around 1,800 sovereign bolivars a month, instead of 1.8 million.
The new minimum wage will be the equivalent of around $30 per month.

What you think about it guys?

emililadjet · « **Reply #1 on:** February 16, 2019, 04:04:51 PM »

The people of venezuela will resist against the americain

Gregory789 · « **Reply #2 on:** June 06, 2019, 10:00:51 PM »

I read that people who own cryptocurrencies are the only ones who can live there good today.

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