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Venezuelan president Maduro is quadrupling minimum wage

79e231b41f45fb447c2f0c6567b3df43 - Venezuelan president Maduro is quadrupling minimum wage

The Venezuelan president Nicolas Maduro has Monday announced the minimum wage to quadruple, from 4,500 to 18,000 bolivar per month. That equates to about 20 American dollars. Taking into account the hyperinflation in the country, which according to the IMF, about 10.000.000 per cent, will the Venezuelans with that pay approximately two kilograms of meat you can buy.

This is the first time that the minimum wage is raised, last year, that happened six times. But by the depreciation of the bolivar and the sharp increase of the prices, was the loonopslag every time a measure for nothing. Experts expect that this will be the case again.

Maduro announced on Monday a new monetary system in the run, against the, according to him, the ‘crime dollar’. The system is based on the Venezuelan cryptomunt “petro” and should focus on the bolivar strengthen, says the. Public companies must have at least 15 percent of their turnover in petros books.

Recession

The Venezuelan economy is in recession; in five years ‘ time, halved the gross domestic product. The country, however, large oil reserves, is struggling with hyperinflation and shortages of many basic goods, such as food and medicine. Millions of Venezuelans have already fled.

In addition, there is also the political crisis, which the parliament is silenced and replaced by a constituent assembly with representatives who are loyal to the president.

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