Friday, June 5, 2015

Venezuela's Inflation is so Bad That the Currency isn't Worth a Penny

Just a month ago, $1 was worth 279 bolivars. That was already pretty dismal for Venezuela. Now $1 equals 408 bolivars, according to the unofficial exchange rate, which most Venezuelans get when they try to trade currency, reports CNN.

Put another way, one bolivar equals $0.002 -- less than a penny. The country's currency has lost nearly half its value since the beginning of May, according to, a website that tracks the unofficial exchange rate.

And it is probably going to get worse. CNN reports:
 The grand finale to Venezuela's tumultuous 2015 could come in October.
The government owes about $5 billion in debt payments then, and there are few convincing signs that [President] Maduro and his government can pay the bills. Venezuela could default on its debt in October, sending the country further into economic mire.

1 comment:

  1. But hey! That's good for them right? The more government socialism, intervention and screw-ups the better! That's why we should elect Hilary Clinton for President! Then everyone will realize how bad government intervention is and go full-blown libertarian! Hahahah...