The country is experiencing a financial crisis.
As noted, the Bolivar has lost 96% of value since 2017 Now for $1 to give 84 thousand bolivars, whereas in the beginning of November – 41 thousand bolivars, and in January -3,1 thousands.
According to Steve Hanke, Professor at Johns Hopkins University, an expert on hyperinflation, inflation in Venezuela compared with last year was 4115%.
Venezuelan research firm Ecoanalitica estimated the inflation by the end of October 1430% in annual terms.
President Nicolas Maduro said that the country will have to restructure the external debt. According to the Agency Moody’s Investor Service, Venezuela’s foreign debt is at least $141 billion.
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