Maduro orders 96 percent devaluation in hyperinflation-stricken Venezuela [Reuters (UK)]
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Source: Reuters
Maduro orders 96 percent devaluation in hyperinflation-stricken Venezuela | Reuters 5 Min Read CARACAS (Reuters) - Venezuela’s president Nicolas Maduro announced on Friday a single exchange rate pegged to his socialist government’s petro cryptocurrency, effectively devaluing by 96 percent in a move economists said would fan hyperinflation in the chaotic country. In one of the biggest economic overhauls of Maduro’s five-year government, the former bus driver and union leader also said he would hike the minimum wage by over 3,000 percent, boost the corporate tax rate, and increase highly-subsidized gas prices in coming weeks. “I want the country to recover and I have the formula. Trust me,” Maduro said in a nighttime speech broadcast on state television. But economists expressed doubts that Venezuela’s cash-strapped government, which faces U.S. sanctions and has defaulted on its bondholders, would succeed. Venezuelans will see their meager salaries further erodedand companies will strug
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