Venezuelan President Nicolás Maduro said on Sunday that dollar transactions, whi...
Venezuelan opposition leader Juan Guaido, who many nations have recognised as the country's rightful interim ruler, attends a protest march against Venezuela's President Nicolas Maduro in Caracas, Venezuela, November 16, 2019. REUTERS/Carlos Garcia Rawlins
The official currency, the bolivar, has depreciated more than 90% this year, while hyperinflation in the first nine months of the year clocked in at 4,680%, according to the central bank. The runaway inflation has reduced the purchasing power of the minimum wage, which together with food assistance, is equivalent to about $10 per month.
The president, who at least until 2018 forbid the use of the dollar, added that he is evaluating transactions in dollars, but that the official currency, which will continue to circulate in the country, will be the bolivar. “There are people who criticize it, no no, here, Venezuela will always have its currency ... we will always have the bolivar and we will recover it and we will defend it,” he said in an interview with José Vicente Rangel, a leftist politician and vice president during the government of Hugo Chávez.
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