Chicken for a bag of money: photos illustrating the prices of goods in Venezuela
Categories: EconomyBy Pictolic https://pictolic.com/en/article/chicken-for-a-bag-of-money-photos-illustrating-the-prices-of-goods-in-venezuela
At some point, the Venezuelan currency, the bolivar, depreciated so much that the locals had to take a bag of money with them instead of a wallet. On August 20, the country's authorities carried out a denomination — five zeros were removed from the exchange rate, and the bolivar itself was tied to the new Petro cryptocurrency. To ease the shock to the population, the minimum wage was also increased 60 times, from $0.5 to $30 per month. But experts say that this will not help the country's economy to get out of the crisis. Let's see what the prices of everyday goods were in Venezuela, gripped by hyperinflation.
A roll of toilet paper, for example, cost 2.6 million bolivars (which was about $0.40)
A kilogram of carrots — 3 million bolivars (about $0.46)
The cost of one 2.4 kg chicken is 14.6 million bolivars ($2.22)
Spaghetti package — 2.5 million bolivars ($0.38)
Diapers — 8 million bolivars ($1.5)
Soap — 3.5 million bolivars ($0.53)
To solve the problem of hyperinflation, Venezuelan President Nicolas Maduro has decided on a large-scale devaluation of the bolivar
On August 20, the country's authorities carried out the denomination of the bolivar — five zeros were removed from the exchange rate, and the bolivar itself was tied to the new cryptocurrency Petro (which, in turn, is tied to the cost of Venezuelan oil). The official rate of the bolivar has been reduced by 95%, or 25 times — from 41 thousand to 6 million bolivars per dollar. In addition, Maduro's plan is to raise gasoline prices and VAT, as well as increase minimum wages.
Maduro's statement has already caused chaos in Venezuela. The photo shows a demonstration against the Maduro regime in Caracas.