In a plan designed to tackle hyperinflation, Venezuelan President Nicolas Maduro on Friday announced plans to raise his country’s minimum wage and create a single exchange rate pegged to his government’s petro-backed cryptocurrency, effectively devaluing the country’s currency by 96%, Reuters reported.
Venezuelans rushed to shops Friday to stock up on goods before the monetary overhaul — which will remove five zeros from prices — took effect.
Hyperinflation has meant piles of cash are needed to buy basic products. Images byReuters show the daily realities of the crisis.
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