Venezuela Hikes Gas Price, Devalues Bolivar as Economy Tanks

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  • Gas price increases in 1989, 1996 triggered popular unrest
  • Primary exchange rate for essential imports devalued 37%

Customers refuel their vehicles at a Petroleos de Venzuela SA (PDVSA) gas station in Caracas, Venezuela on Feb. 11, 2016.

Photographer: Wilfredo Riera/Bloomberg

Venezuela hiked gasoline prices for the first time in almost two decades and devalued its currency as President Nicolas Maduro attempts to address triple-digit inflation and the economy’s deepest recession in over a decade.

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