The bolívar, Venezuela’s official currency, continues to experience a marked devaluation that is hitting the population’s purchasing power and eroding wages.

As of the end of November, the national currency had lost 8.8 % of its value against the US dollar.

According to experts, the increase in foreign currency leads to higher prices, as well as a loss of purchasing power for workers, especially those who are paid in bolívares.

The minimum wage for workers, as well as the amount allocated to pensioners, is 130 bolívares. With the daily update of the official dollar exchange rate published by the Central Bank of Venezuela, this amount decreases as the days go by.

Tensions between Venezuela and the United States, coupled with the South American nation’s internal problems, exacerbate the economic and financial situation, despite the rebound in some industrial sectors and foreign investment in areas such as agriculture, technology, and energy.

M.Pino

Source: lapatilla

(Reference image source: حامد طه on Unsplash)

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