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.
