CARACAS — The socialist regime of Venezuela recently imposed a new tax on all foreign currency payments to civilians and companies. Now that the country is being held together by the once illegal and demonized U.S. dollar, the regime wants their fat slice of everyone’s money.
CARACAS, Venezuela – “Are you paying with bolivars or foreing currency?”
While his people suffer through grinding poverty, Venezuela’s socialist dictator Nicolás Maduro is spending vast sums on printing huge piles of rapidly-depreciating paper currency.
The Central Bank of Venezuela released on Thursday a new set of banknotes for the second time in under a year, as rampant hyperinflation continues to ravage the socialist country’s crippled economy.
Venezuela’s Central Bank introduced a “sovereign calculator” app this week to help people work out the value of the country’s new currency denominations.
Venezuelans have started the week in confusion and panic with the introduction of the “sovereign bolívar,” a new currency dictator Nicolás Maduro insists will improve the devastated socialist economy. Speaking to local media, Venezuelans say the government never explained the value of the new currency, meaning they have no idea how to use the new bills.
Venezuela is set to face further economic turmoil after socialist dictator Nicolás Maduro announced economic reforms that include lopping five zeroes off the value of the Bolivar currency and increasing the country’s minimum wage by 3,500 percent this weekend.
The cost of a cup of coffee in Venezuela is higher than ever as projections show the country is on track to hit one-million percent.
The virtual currency used in the popular video game series World of Warcraft is, as of Monday, worth 62 times that of the Venezuelan Bolivar.
Venezuelan President Nicolas Maduro has raised the country’s minimum wage by 50 percent amid soaring inflation that has rendered its currency practically worthless.
Venezuelan dictator Nicolás Maduro has announced he will allow Venezuelans to continue using the 100 bolívar bill — outlawed last week because of inflation — until January.
Venezuela said it would start issuing higher denominations of currency as the country faces triple-digit inflation and a currency meltdown that reduced the value of the country’s largest note to 2 U.S. cents.
The government of Guyana has declared Venezuela a “regional threat” after the socialist nation imposed an expansion of its “integral maritime zone” deep into Guyanese waters, just months after President Obama denounced Venezuela as a threat to America’s national security.
The value of Venezuela’s bolivar currency collapsed this month, as air carriers and U.S. automakers announce they will only do business in U.S. dollars.
The rapid and steady decline of Venezuela’s national currency, the Bolívar, is forcing a growing number of businesses to do trade only in American dollars, freezing out Venezuelan citizens from buying cars, renting apartments, or boarding flights offered by businesses that refuse their currency even when they can muster an equivalent amount of retail prices in Bolívars.
