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Venezuela issues new currency

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rocky
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Venezuela issues new currency

Post by rocky on Tue 21 Aug 2018, 6:49 am




[size=32]Venezuela issues new currency[/size]

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[rtl]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.[/rtl]

[rtl]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.[/rtl]

[rtl]Maduro recently announced that the country needed to implement a "fiscal discipline" system and to stop printing money too much in recent years.[/rtl]

[rtl]Maduro's new economic reforms include raising the minimum wage to half a petro (1800 Bolivar sovereign).[/rtl]

[rtl]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.[/rtl]

[rtl]In parallel, the three main opposition parties called on Saturday for a general strike on Tuesday to protest against the reforms.[/rtl]



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    Current date/time is Tue 23 Oct 2018, 9:49 pm