Social Media Work

View this post on Instagram

IN PHOTOS: What money can buy in Venezuela πŸ‘‰ A severe economic crisis in Venezuela has left its currency, the bolivar, nearly worthless. Hyperinflation has skyrocketed since the beginning of 2018, devaluing the currency to the point where a single chicken costs 14,600,000 bolivars, the equivalent of $2.22. Venezuelan President Nicolas Maduro initiated a major currency overhaul Monday (August 20) as part of an economic reform plan aimed at halting inflation and stabilizing the economy. A key part of the plan includes issuing new banknotes. Venezuelans struggled Monday to calculate prices of food and household goods as a new currency scheme aimed at taming runaway inflation went into effect. The new currency, known as the β€œsovereign bolivar,” is valued at one to 100,000 of the old bolivars, in effect chopping five zeros off of existing prices. The International Monetary Fund has calculated that inflation in the country will hit 1 million percent by year's end. πŸ“·: Reuters

A post shared by VOA News (@voanews) on