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A cup of coffee costs 1 million local currency in Venezuela

Tuesday - July 3, 2018 2:08 pm , Category : GOSSIP CORNER

July 3 (WTN)- Venezuela , a country sitting on world's biggest oil reserves is now region's poorest performer in terms of GDP growth per capita. The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports. When oil prices dropped sharply in 2014, the government was suddenly faced with a gaping hole in its finances and had to cut back on some of its most social programmes.

Venezuela’s currency, the bolívar, has lost 99.9% of its value in a short time. The International Monetary Fund forecasted Venezuelan inflation spiralling to 13,000 percent this year.

Venezuela is experiencing the worst economic crisis in its history, with an inflation rate of over 400 percent and a volatile exchange rate. Heavily in debt and with inflation soaring.

Hyperinflation has been driven up by the government's willingness to print extra money and its readiness to regularly increase the minimum wage in an effort to regain some of its popularity with Venezuela's poor.
What’s worse, it's nearly impossible to buy a cup of coffee in Venezuela right now. One cup now costs a million bolivars in Caracas.


-Window To News
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