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Venezuela cancels 5 zeros from its currency
09:24 - 20/08/2018
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Information / Baghdad ...
Venezuela has launched a new currency linked to its virtual currency "Petro" as part of a series of reforms announced by President Nicolas Maduro, where the new currency will enter the markets as of Monday.
The new currency, dubbed the sovereign Bolivar, will be linked to the "petro" virtual currency, and the price of the "petro" will be about $ 60 based on the price of a barrel of Venezuelan oil equivalent to the new currency of 3,600 Bolivar sovereigns, indicating a significant devaluation.
Maduro recently announced that the country needed to implement a "fiscal discipline" system and to stop printing money too much in recent years.
Maduro's new economic reforms include raising the minimum wage to half a petro (1800 Bolivar sovereign).
This amount is about $ 28, which means a 34-fold increase from the previous minimum wage, which was equivalent to less than $ 1 per black market price.
In parallel, the three main parties of the Venezuelan opposition on Saturday called for a general strike from Tuesday to protest against the reforms.
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