Sunday, 2 August 2015

NEWS: Ten Everyday Items That Now Cost More Than the Monthly Minimum Wage in Venezuela


Chart via Bloomberg.



"As Venezuela's bolivar loses its value at an unprecedented rate, the purchasing power of ordinary citizens is going down with it.
While President Nicolas Maduro decreed a 30 percent increase to the minimum wage in May, the currency has plunged even more -- losing 88 percent over the past year in the black market where people and businesses go to avoid strict controls on dollar purchases.
It now takes 630 bolivars to buy $1 in illegal street markets, according to dolartoday.com. That means that Venezuela’s largest bank note of 100 bolivars now fetches less than 16 cents, and that the monthly minimum wage of 7,422 bolivars is worth a little over $11. or people in a country where inflation is under control and the currency is relatively stable, it can be difficult to fathom what this really means for everyday Venezuelans who are suffering from shortages of everything from milk to baby formula." To have a look at the relatively inexpensive items compiled by Bloomberg that cost more than a month's wages click here. E.T.P. 3'

PS. This article was written more than 2 weeks ago, probably the dollar is a lot more expensive now.

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