Hyperinflation Hits Venezuela as 1 Million Bolivars Turns Into 1 Bolivar Overnight

    Venezuela is the next target of hyperinflation as its currency, the Bolivar, slashes six zeros off of its value. 1,000,000 Bolivars turned into 1 Bolivar overnight.


    In one night, 1,000,000 Bolivars turned into 1 Bolivar as hyperinflation continues to hit Venezuela. This is the third time in 13 years that the Venezuelan government has taken drastic measures to recalibrate its economy.

    Since 2007, it has taken 14 zeros off of its currency. Before the most recent readjustment, it cost 7,000,000 Bolivars to buy a single loaf of bread. Inflation isn’t the only problem to plague Venezuela as its GDP has dropped by 80% since 2013. It is regular to earn $3 USD every 14 days in the country. Since 2007, inflation rose 3,000% in 2020 and 9,500% in 2019.

    The economic situation doesn’t seem to let up as the Venezuelan government expects another readjustment in 3 to 4 years. Overall, the entire world is facing serious inflation but Venezuela is leading the way.

    More news on today’s episode: national parks are now taking reservations, OPEC says we need to invest in oil, water bottle sales topped $218 billion, the UK is running out of truck drivers, drones deliver COVID relief in Africa, and Roma has a wild boar invasion problem.


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