The Bolivar Fuerte has devalued by at least 759.69% between July and yesterday

[GatoGordo]

By THE NATIONAL WEB
NOVEMBER 17, 2017 11:03 AM | UPDATED ON NOVEMBER 17, 2017 11:23 AM

The parallel dollar exceeded the barrier of 73,000 bolivars after Thursday night closed around Bs 65,000, according to what users of social networks reported on Friday morning.

The referential page of the foreign currency specified that the currency was set at Bs 73,218.75, while each euro would cost 86,398.13 for today.

Until Thursday, the parallel dollar would have risen at least 759.69% as a "consequence of excessive monetary liquidity in the hands of the public," according to Oscar Torrealba, a researcher at the Public Expenditure Observatory of Cedice.

Before the rise of the currency, citizens expressed their concern about the fact. They affirmed that this would mean an increase in the prices of the products and the deepening of the crisis that the country is experiencing.

http://www.el-nacional.com/noticias/economia/dolar-paralelo-causa-revuelo-las-redes-superar-los-73000_211944

Fear not.

Maduro has a plan to print higher denomination bills. Coming soon... the 1,000,000 Bs. bill! In case a person wants to buy a donut.

And despite the minimum wage increases of over 200% this year, it is expected that he will raise it again by another 100%. You know... for a Christmas gift! From Chavismo! To go along with the expropriated hams and toys! Because nothing tops 1000% inflation like a well thought out 300% pay raise!

[sabbat hunter]

1. Which country has the more

dysfunctional economy? Venezuela or Zimbabwe?

[Fred Sanders]

2. The former rich have really suffered in the past few years due to hoarding of Bolivars before

the devaluations, is what I understand happened to them. Should have invested in the nation.
Bad move.

[GatoGordo]

3. Hoarding Bolivars? That defies logic.

The currency is devaluing so rapidly, the holder must spend it as quickly as they earn it. 13,000,000% since Chavismo. The Bolivar was worthless back in 2003. How long do you think a person would have sat on such a worthless currency? The rich would have LONG AGO divested themselves of anything associated with Chavismo currency.

Inflation last month was over 50%. It is expected to be about 100% this month. What do you think the poor do, the minute they get their hands on any? What costs 8,000 Bs today might cost 12,000 Bs tomorrow.

[COLGATE4]

5. The rich (not 'former' rich) Venezuelans

got rid of their Bolivares years ago by converting them to dollars (or Euros) and getting them the hell out of the country. The only people suffering with the catastrophic devaluation of the Bolivar are the former middle-class and poorer Venezuelans, who must spend this essentially valueless currency before it loses even more value. Shades of Weimar Germany.