mercredi 15 avril 2015
What's Worth More: All These Venezuelan Bolivars or One $20 Bill?
Posted on 22:22 by nice news
Venezuelan pockets are overflowing, and many people are increasingly having to carry large wads of cash in bags instead of wallets as soaring inflation and a declining currency increase the number of bills needed for everyday purchases.
On the black market, which Venezuelans use when they can't get government approval to purchase foreign currency at official exchange rates, one U.S. dollar currently buys about 276 bolivars. That means the country's biggest bill -- 100 bolivars -- is only worth about 36 cents.
Venezuela's currency has declined 76 percent in the past year on the black market as the government reduced dollar allocations for imports in response to lower oil prices. Its value hasn't fared any better on legal markets. The government devalued its weakest exchange rate 69 percent in February with a new currency system that currently sells dollars for about 195 bolivars compared to other legal rates of 6.3 and 12.
Inflation, meanwhile, is surging, with some analysts expecting the annual rate to reach 200 percent this year. The country's central bank hasn't released official statisti
On the black market, which Venezuelans use when they can't get government approval to purchase foreign currency at official exchange rates, one U.S. dollar currently buys about 276 bolivars. That means the country's biggest bill -- 100 bolivars -- is only worth about 36 cents.
Venezuela's currency has declined 76 percent in the past year on the black market as the government reduced dollar allocations for imports in response to lower oil prices. Its value hasn't fared any better on legal markets. The government devalued its weakest exchange rate 69 percent in February with a new currency system that currently sells dollars for about 195 bolivars compared to other legal rates of 6.3 and 12.
Inflation, meanwhile, is surging, with some analysts expecting the annual rate to reach 200 percent this year. The country's central bank hasn't released official statisti
What's Worth More: All These Venezuelan Bolivars or One $20 Bill?
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