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Author Topic: So Venezuela is changing today!  (Read 877 times)

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Offline SarahAppleTopic starter

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So Venezuela is changing today!
« 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?


 


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