Venezuela hikes wages ahead of monetary overhaul [FOX News]
Kadant Inc (KAI)
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Source: FOX News
CARACAS, Venezuela – Venezuelan President Nicolas Maduro raised wages for the fifth time this year and said he wanted to peg prices to the nation's fledgling cryptocurrency as part of a package of measures that economists say is likely to accelerate hyperinflation. Maduro made the announcement in a televised address Friday night ahead of a previously announced monetary overhaul next week that will see five zeros lopped off from the nation's currency, the bolivar, in a bid to fight inflation forecast by the International Monetary Fund to top 1,000,000 percent this year. Maduro set the new monthly minimum wage at 1,800 sovereign bolivars, the new currency that goes into effect Monday. That's a 3,500 percent increase over the wage of just over 5 million bolivars set in June with the old currency but still around $30 at the widely used black market rate. Adding to confusion, he said he wanted to peg wages, prices and pensions to the petro — a cryptocurrency annou
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KAI
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