Venezuelans Baffled as Government Fails to Explain ‘Sovereign Bolívar’ Currency

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.

A woman holds new Bolivar-notes in downtown Caracas on August 21, 2018. - Caracas is issuing new banknotes after lopping five zeroes off the crippled bolivar, casting a pall of uncertainty over businesses and consumers across the country. (Photo by Federico PARRA / AFP) (Photo credit should read FEDERICO PARRA/AFP/Getty …

Venezuela: Businesses to Close Following 60-Fold Minimum Wage Increase

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.

Confusion reigns as Venezuela braces for release of new banknotes

Cuban-Style Economic Apartheid Hits Venezuela as ‘Dollar-Only’ Trade Grows

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.

The Associated Press