markets

Venezuela’s Currency Rout Hits a New Milestone at 200,000 per Dollar

Why Venezuela Is Getting Increasingly Desperate

Venezuela’s currency crossed a new barrier this week as hyperinflation exploded and Nicolas Maduro’s government readied a cryptocurrency issuance next month.

Free-Fall

Venezuela's bolivar slides past 200,000 per U.S. dollar on black market

Source: Dolartoday.com

The rate in the black market -- where most Venezuelans acquire dollars -- weakened to 202,000 bolivars per greenback on Thursday, according to dolartoday.com, a widely-watched website that monitors prices. That means that the monthly minimum wage is now the equivalent of less than $4.

The currency has plunged 43 percent over the past month and the current level compares with a rate as strong as 10,000 per dollar as recently as late July. The official government-set value -- which is practically inaccessible -- remains at 10 bolivars per dollar.

For more news on Venzuela:
Venezuelan Hyperinflation Explodes, Soaring Over 440,000 Percent
Venezuelan Officials Said to Visit Qatar to Pitch Cryptocurrency
Venezuela Bond Surge Shows Trader Faith in World’s Biggest Loser
Monthly Salary Hikes? The Messy Business of Paying Venezuelans

— With assistance by Patricia Laya, and Nancy Moran

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