Sunday 28 June 2015

NEWS: Why the iPhone 6 Costs $47,678 in Venezuela

Photo via The Procrastinator (some) Times.

Using as an example the iPhone6 this Bloomberg article explains one aspect of the economical crisis and some of the bizarre consequences of the exchange control in Venezuela. "Maria Veronica Fernandez went to eight stores in Caracas to add her name to a waiting list for a mobile phone she didn’t even like. After she was robbed of her Samsung Galaxy S4 phone at gunpoint in May, Fernandez, 24, embarked on a shopping quest much too familiar for Venezuelans, who live with the world’s highest inflation, chronic food shortages and rampant crime. “It’s the same feeling of helplessness as when you have to go to three or four supermarkets looking for toilet paper or oil or flour,” Fernandez said. After a few weeks’ wait, she bought a Samsung Galaxy Fame -- a less-sophisticated phone with fewer features. “At least if this one gets stolen, it won’t hurt as much.” Read full article in Bloomberg. E.T.P. 4'

Note: We added this article for the 09 July as it is a variation of the same theme: another deep economic plunge.

You might also like this other Bloomberg article about how the bolĂ­var keeps collapsing: "Venezuela’s largest bank note of 100 bolivars is now worth about 16 U.S. cents on the black market, following a 33 percent plunge in the past month." "Bank of America Corp. said last month that the country’s annual inflation reached 108.1 percent in May." Read full article in Bloomberg. E.T.P. 2'

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