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Latin America

GatoGordo

(2,412 posts) Fri Aug 17, 2018, 12:07 PM Aug 2018

ONE BILLION PERCENT DEVALUATION IN VENEZUELAN CURRENCY

https://dolartoday.com/

The Bolivar (VEB) was worth 564 to the dollar in February of 1999, when Hugo Chavez swept into power.

In 2008 (nine years) the currency was devalued, and renamed the Bolivar "Fuerte" (Strong Bolivar, VEF) when Chavez cut off 3 zeros from the currency.

In 3 days (August 20, 2018) the Bolivar Fuerte will be devalued again (Maduro will cut off 5 zeros), and be called the Bolívar Soberano (Sovereign Bolivar, VES)

A ONE BILLION PERCENT devaluation, and the new cash hasn't been introduced yet.

Another win for Chavismo and the Revolucion Bolivariana!