Monthly Salary of $20 Shows Why Venezuelans Wait in Food Lines

[Bacchus4.0]

Venezuela, the country known for long food lines and shortages of toilet paper and deodorant, can be a paradox at times. 

Specialty food stores in Caracas are well stocked with delicacies including imported lamb chops, smoked salmon and caviar. For those with U.S. dollars, those luxuries are relatively cheap, too. Yet most Venezuelans can't afford the greenback. Residents depend on local salaries paid in bolivars, the national currency which hasdeclined 97 percent in the past three years. At the current  black market exchange rate, 100 bolivars, the country's biggest bill, is only worth 36 U.S. cents.  
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Venezuela has maintained strict currency controls since 2003 and currently has three legal exchange rates. The government sells dollars for 6.3, 12 and 177 bolivars. The first two rates are used for imports of government-authorized priority goods including food, medicine and car parts. The third rate, introduced on Feb. 12, can be used by anyone who doesn't receive authorization to buy dollars at the first two. 

On the black market, where people and businesses turn when they can't obtain government approval to purchase dollars at the three legal rates, one dollar currently buys about 280 bolivars. The currency has fallen 38 percent on the black market this year alone, pushing the minimum wage down to about $20 a month. That's on par with Ethiopia and well behind regional peers including Colombia and Brazil, according to WageIndicator.org data.  

ttps://www.yahoo.com/finance/news/monthly-salary-20-shows-why-161910803.html 

[COLGATE4]

1. Hear the chirping of crickets as the "I Heart

Hugo" Brigade has nothing to say about the economic miracle wrought by their hero and his not-too-bright successor.

[Marksman_91]

2. And if they do say anything, it'll just be the same ol' BS

That it's the CIA/oligarchy/elites/rich/right-wing/Uribe/Illuminati trying to sabotage the economy by intentionally producing at a heavy loss under price controls set by the government which barely allows them any profit because ALLENDE IN 1973!!!1!1

It's funny how leftist fanatics tend to be so economically illiterate and yet still pretend that they know better than the most well-studied and educated people on Earth regarding economics. They can't accept their ignorance so they try to find any outside entity to blame for their horrible mismanagement of the economy, which usually tends to be the US or US-sponsored elites. It's how it's always been, and apparently it's how it always will be.