Inflation in Venezuela to approach 5,000,000% by the end of the year

[GatoGordo]

Inflation in 2018 will be 4,700,000%, according to Ecoanalítica
September 16 2018, 12:10 pm



Alejandro Grisanti , economist and president of Ecoanalítica, said through his account on the social network Twitter, that in the months following August inflation in Venezuela could reach 210%, also, that it could close the year with a percentage of 4 million 700 thousand, according to his projections.

"In August prices tripled (inflation 210%). If this trend continues, prices will multiply by 81 in 4 months (for 3 to 1/10, for 9 to 1/11, for 27 to 1/12 and for 81 to 1/1/19), "he said. . " Our inflation projection is 4 million 700 thousand% at the end of the year , so it is very likely a new reconversion. The exchange rate can rise at a rate of 1 dollar for 8,100 sovereign bolivars."

https://www.lapatilla.com/2018/09/16/la-inflacion-del-2018-sera-de-4-700-000-segun-ecoanalitica/

[PoindexterOglethorpe]

1. I can't begin to imagine what that would be like.

It would certainly mean that any savings is completely wiped out. What happens with pensions? Or regular salaries?

[GatoGordo]

2. Approaching nearly a TRILLION percent loss of value for their currency

When Chavez came to power in February, 1999, the Bolivar (VEB) was worth 574 to the dollar.

Then the looting started.

By 2008, Chavez had to cut off 3 zeros from the currency and called the new currency, the Fuerte (Strong) Bolivar (VEF)

In August (less than a month ago), Maduro had planned to lop off another 3 zeros and rename it the Sobrano (Sovereign) Bolivar. (VES) Unfortunately for Venezuelans, hyperinflation mooted that point and he lopped off 5 zeros instead. In less than two weeks, the currency lost 2/3 of its value.

Currently, the VES is getting 93 to the US dollar. After factoring in the devaluations over the last 19 years, the Venezuelan currency has devalued to the tune of...

922,199,942,600%

Maduro (and the Castroists running Venezuela) are jailing anyone who has taken up the "bad habit" of wiping their ass with the currency and plastering the bills on any picture of Maduro or Chavez. Why not? The currency is more available than toilet paper.