It is not uncommon to raise minimum wages annually, but there have been 26 increases under President Nicolas Maduro since 2013. The central bank recently devalued the bolivar as a Venezuela's currency continues to plummet.
The bolivar fuerte was...
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It is not uncommon to raise minimum wages annually, but there have been 26 increases under President Nicolas Maduro since 2013. The central bank recently devalued the bolivar as a Venezuela's currency continues to plummet.
The bolivar fuerte was introfuced in 2008 to replace the official currency at a ratio of 1,000 bolivar to one bolivar fuerte. The bolivar fuerte went into hyperinflation in Novrmber 2016.
Following the uncontrollable devaluation of the bolivar in August 2018 the executive decided to introduce the bolivar soberanto by removing five zeros from the bolivar fuerte.
Without this new monetary policy Venezuelans would need to carry huge wads of cash.
