Venezuela’s currency is in ‘free fall’


Just in November, the bolivar has lost 55% of its value.

It’s the latest sign of Venezuela’s extreme economic, political and humanitarian crisis. Sky high food prices — or massive shortages of basic food and medicine — have plagued Venezuelans for years and have gotten worse this year. Inflation in Venezuela is expected to rise 1,660% next year, according to the IMF. The country has been in recession for three years now.

One dollar fetched 1,567 bolivars on November 1. On November 28, a dollar was worth 3,480 bolivars on the widely-used unofficial exchange rate monitored by Dolartoday.com.

http://money.cnn.com/2016/11/29/investing/venezuela-worthless-currency/

Author: allthenews

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