Venezuela to is­sue new bank notes

India Business Journal - - GLOBAL WRAP-UP -

Be­lea­guered Venezue­lans braced for the roll­out of Pres­i­dent Ni­co­las Maduro's rad­i­cal new plan to curb the spi­ralling hy­per­in­fla­tion that has thrown their oil-rich, cash-poor nation into tur­moil. Cara­cas is is­su­ing new ban­knotes af­ter lop­ping five ze­roes off the crip­pled bo­li­var, cast­ing a pall of un­cer­tainty over busi­nesses and con­sumers across the coun­try. Other mea­sures, re­vealed by Mr Maduro in a speech to the nation last month, in­clude a mas­sive min­i­mum wage in­crease, the fifth so far in 2018. As it stands, the monthly min­i­mum wage, dev­as­tated by in­fla­tion and ag­gres­sive de­val­u­a­tion of the bo­li­var, is still not enough to buy a kilo­gram of meat.

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