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.
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