The Venezuelan Finance Observatory (OVF) indicated that during the month of July, inflation in Venezuela was 4 %.

The independent entity of the Central Bank of Venezuela also indicated that the interannual and accumulated inflation rates in the country reached 62 % and 22 %, respectively.

According to the OVF report, “the items that showed the greatest increases were services (8.7 %), home equipment (5.1 %) and alcoholic beverages and tobacco (3.9 %).”

By area, the highest inflation rate was recorded in the Caracas Metropolitan Area (AMC), which showed a variation of 5 %; They are followed by the states of Nueva Esparta (4.2 %), Anzoátegui (3.9 %) and the State of Zulia (2.9 %).

A determining item that registered a significant increase is services, with 17.4% in the Caracas Metropolitan Area, 12.4% in Anzoátegui, 9.9% in Nueva Esparta and 1.4% in Zulia.

According to the OVF, “this acceleration of inflation (4 %) is explained both by the nominal depreciation of the bolivar against the dollar (3.4 %) and by the increase in public service rates, especially urban sanitation (16, 9 %) at the national level.”

Inflación Venezuela mes de Julio 2024
📉Mensual: 4%
📉Interanual: 62%
📉Acumulada: 22,7% pic.twitter.com/an2Ybru4gp

— Observatorio Venezolano 🇻🇪 de Finanzas (@observafinanzas) August 6, 2024

M.Pino

Source: finanzasdigital

(Reference image source: Unsplash+, in collaboration with Karolina Grabowska)

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Starting in July 2024, South Korea will apply new regulations to cryptocurrency crimes. This could mean life sentences for criminals who engage in digital currency scams.

The country’s regulatory authorities recently reported that cryptocurrency crimes could lead to life imprisonment, as a way to provide greater protection to investors and citizens who are part of the crypto market.

The Financial Services Commission (FSC) proposed the Virtual Asset User Protection Law, which could come into effect on July 19, to punish market crimes such as illegal cryptocurrency trading. Depending on the severity of the case, fines will be imposed.

The agency noted: “In case of criminal sanction, a fixed-term prison sentence of more than one year or a fine equivalent to between three and five times the amount of unjust enrichment is possible.”

If the proceeds of the criminal action exceed 5 billion won, equivalent to USD 3.8 million, the penalty will be life imprisonment.

M.Pino

Source: cripto247

(Reference image source: Traxer at Unsplash)

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The Government of Chile, through the Ministry of Labor and Social Welfare and the Ministry of Finance, has reached an agreement with the Workers Central Union (CUT in Spanish) of Chile, the largest trade union organization in the country, to raise the minimum wage to 440,000 Chilean pesos (about 503 euros) next May.

In turn, as reported by the Government on Monday, a new increase of 20,000 pesos (22.87 euros) will be applied in September, which would raise the final figure to 460,000 pesos (525.99 euros), and another increase of 40,000 pesos (45.73) in July 2024, to place the total amount at 500,000 pesos (571.7 euros).

During the negotiations that began last March, the union had demanded that the Government reach the figure of 500,000 pesos already this May, due to the “high” inflation that is taking place in Chile. This goal must be achieved as soon as possible, we cannot wait,” said the president of the union, David Acuña.

This amount, however, was the goal of the cabinet chaired by Gabriel Boric for the year 2026, at the end of his term. Despite their intention of a greater increase, from the Government, they had considered that it was necessary to reach a balance between the demand of the unions and the capacity of small and medium-sized companies to pay wages.

Last January an initial increase of 50,000 pesos (58.2 euros) was carried out, to which another 10,000 pesos (11.39 euros) were added, thus reaching 410,000 pesos (about 477 euros).

From the CUT they have celebrated that the talks to advance the arrival of the 500,000 pesos are advancing, as part of their “commitment” in the search to overcome the poverty line and create social policies that deliver “a good life” to workers.

Source: dpa

(Reference image source: Government, Europa Press / dpa)

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