Nicolás Maduro
CARACAS, (Reuters) – Venezuelan President Nicolás Maduro embraced the currency of his bitter rival the United States yesterday, calling it an “escape valve” that can help the country weather its economic crisis amid U.S. sanctions aimed at forcing him from power.
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 inflationary spiral has slashed the purchasing power of the South American country’s minimum wage, which together with food assistance, is equivalent to about $10 per month. Continue reading
