Nevermind 500% inflation, Venezuela has blown past that now. Media reports allege that the country is now facing over 4000% inflation.
However, now media reports are alleging that the inflation is up over 4000% for the country. The currency is becoming more worthless by the day and the current conditions are being referred to by the international community and those from within, as a humanitarian crisis.
Just this year, the Bolivar has allegedly lost over 96 percent of its value.
To compare, at the beginning of 2017, you could allegedly get one US dollar for around 3,100 bolivars. These are according to unofficial exchange rates.
According to an economist from Johns Hopkins, he estimates that compared to one year ago, the inflation in Venezuela has increased roughly over 4,115%. Market analysts suggest that recent defaults-late payments- on government bonds are what prompted the inflation rate to rise dramatically. And the current course that the country seems to be on is being referred to as a 'death spiral' that is only going to continue getting worse.
Both Russia and China have signaled their interest to help the nation with attempting to restructure their debt. And President Maduro has said that they intend to keep serving their debt obligations.
Pics:
Anadolu Agency-Getty Images via NPR
CNNMONEY
Banco Central De Venezuela - tradingeconomics.com via TheMarketMogul
Sources:
https://www.cnbc.com/2016/10/13/inflation-in-venezuela-seen-hitting-1500-in-2017-as-crisis-goes-from-bad-to-worse.html
http://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html
https://www.npr.org/sections/parallels/2016/05/28/479761002/in-venezuela-devalued-money-may-weigh-more-than-whatever-you-can-buy
http://money.cnn.com/2016/04/12/news/economy/venezuela-imf-economy/index.html
https://themarketmogul.com/venezuela-inflation-explained/
https://www.forbes.com/sites/francescoppola/2017/11/14/venezuela-defaults/#21eff5b42755
http://www.digitaljournal.com/news/world/venezuela-in-fresh-defaults-on-two-bonds-s-amp-p/article/508252
http://fortune.com/2017/11/21/venezuela-debt-restructure-maduro-default/
Related Posts:
Inflation In Venezuela Up Over 500%+ This Year
https://steemit.com/venezuela/@doitvoluntarily/inflation-in-venezuela-up-over-500-this-year
An Ongoing Food Crisis In Venezuela
https://steemit.com/food/@doitvoluntarily/an-ongoing-food-crisis-in-venezuela
Very sad and worst to here that for Venezuela people
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Bolivar has lost over 96 percent of its value.. this is not good.. life becomes so much tough when you lose 96% of your holding.. The good news is Russia and China showed their interest to help Venezuela. Hope Venezuela will overcome their problems in a short time!
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Any idea on how many people in Venezuela own bitcoin and gold?
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Venezuela is one of those places that really make Bitcoin seem like a great investment because people are going to want a non-inflationary store of value, particularly if we ever figure out transactions per second and fees in such a way that micro-transactions become possible with BTC.
Great post. Thanks for sharing.
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i wanted to wish you a very blessed Thanksgiving.
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thank you! same to you sir! :)
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Hello friend, everything you mention in your blog is true, I am Venezuelan and I still live in my country, inflation is fierce, corruption at all levels is killing us, it is very difficult the situation of the country but Venezuelans have to solve our problem from here, and I have confidence that we will be victorious, you can visit my blog, a big hug
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thank you for your comment! followed!
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So kinda like early STEEM.
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Great post @doitvoluntarily. It is very sad that this is happening but I believe this will soon be a thing of the past. Crypto currencies will force governments to be more fiscally responsible or the people will simply disreguard the national currency.
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Unbelievable, imagine people living there who see all their life’s savings become worthless day by day...and then they call bitcoin the fraud, absurd...
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Es lamentable, pero pronto vendrá la solución!!! FUERZA!!!
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inflation 96% against the US dollar. that's a big enough rate The huge inflation rate makes people's purchasing power declining and not very good for the progress of a country's economy
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Steemit is able to help us considerably. Very good information that you share.
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Me parece muy necesario y oportuno tu post @doitvoluntarily. Te felicito por tu noble iniciativa. Venezuela necesita que el mundo sepa la trágica realidad que nos toca vivir a diario aquí. Cada una de tus palabras es trágicamente cierta y a ninguno de nuestros líderes parece importarle en lo más mínimo. No bajes la guardia y sigue informando al mundo.
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Venezuela needs to be in our prayers as their world has been rocked by all of this. Also with the global economic state as fragile as it is and dependent on each other, lets hope other countries don't feel the effects or have their own nightmare. Thanks for this post.
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Thank you for your concern. This is the kind of support we ask of our steemian brothers from all over the world: just words of encouragement.
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Very very nice, like it! 😊
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I hope it is very beautiful can overcome political and economic crises in the shortest time
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this was a really hard month for us ...
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The previous Hugo Chavez socialist government overspent & led the people to become entitled. But they did not invest in infrastructure or even in their oil facilities, making things worse when prices went down.
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