President of Venezuela increases minimum salary and value of petro

Nicolás Maduro indicated that the price of the petro passes to 9 thousand bolívares soberanos. The measure seeks to face the alleged economic blockade of the United States

After a period of 100 days after the last announcements about salary adjustments and anchoring of the monthly income of workers to half petro, that is to say 1,800 “bolívares soberanos”, the president of Venezuela Nicolás Maduro announced this Thursday, November 29th, the minimum wage increase to BsS 4,500.

The measure, Maduro said on national radio and television broadcast, seeks to address the economic blockade of the United States and, in addition, protect the income of the working masses.

During the transmission, the president of Venezuela also announced that the value of the petro, the national cryptocurrency anchored to the barrel of oil, passes to 9 thousand “bolívares soberanos”. Hence the adjustment of the minimum monthly income of workers, which is half of this amount from December 1st.

No details were given about the value of the Dicom dollar. However, economic analysts foresee a new devaluation of the currency in view of the current crisis facing the Latin American country and that has generated hyperinflation that exceeds six digits.

Regarding the issue of inflation, the IMF projections for 2017 was 2,300%. However, Maduro denies this figure, qualifying it as part of an evil prophecy, and insists that the country has achieved a significant deceleration of inflation.

An important aspect to consider is that the government’s deadline to deliver economic indicators to the IMF this Friday, November 30th. Otherwise, it would be sanctioned by the organism.


Source: El País

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