Money worthless than paper in Venezuela
13 oC
13 oC
Güneşli
13 oC
Güneşli
Due to the country's currency experienced hyperinflation, Venezuela's Bolivar rapidly lose value.
Due to hyperinflation experienced in Venezuela's currency, the Bolivar become worthless than the paper it was printed on before.
Venezuelans who receive a sack of money for $ 4 in a hyperinflationary country receive only one cup of coffee with this money.
It is expected that the inflation ratio of the country that has completed 2017 with 2,856 percent will increase to 13,000 percent this year.
Venezuela, which struggles with the political and economic crisis, the country's currency, the bolivar trades now being managed by loan sharks.
The hyperinflation in the country where the annual inflation rate approaches 3,000 percent is also making daily life difficult.
Markets in the capital Caracas and other major cities have long been protecting by the army and the police.
3000 percent inflation is roughly 30 times increase in prices. That means the price of a bread purchased for $1 in this year is $30 after 1 year.
Venezuelan President Nicolas Maduro is seeking the way to get rid of the crisis by cryptocurrency.
Maduro announced that they had gained hundreds of millions of dollars since the world's first official cryptographic currency the petro was circulated.
The Venezuelan government guarantees a barrel of oil from the crude oil reserves for each petro currency. (ILKHA)
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