Few in Venezuela Want Bolívars

Reportedly, Venezuelan economy has hit rock bottom and it seems no one wants Bolívar, the Venezuelan currency, named after its independence hero, Simón Bolívar.

As per the reports, International Monetary Fund has predicted that inflation in Venezuela will hit 159 percent this year and that the economy will shrink 10 percent, the worst projected performance in the world, (not taking into account Syria).

That would be a disastrous drive off the cliff for a country that sits on the world’s largest estimated oil reserves and has long considered itself rich in contrast to many of its neighbors. Experts opine, the country’s income has shrunk with the collapsing price of oil — Venezuela’s principal export — resulting in the soaring of dollars in the black market, though the government has kept the country’s principal exchange rate frozen at 6.3 bolívars to the dollar.

According to the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers, a month’s worth of food for a family of five cost 50,625 bolívars in August, more than six times the minimum monthly wage and more than three times what it cost in the same month a year earlier.