Venezuela: Drink coffee at the price of a house or run away from the country
Venezuela: Drink coffee at the price of a house or run away from the country According to a study by the opposition-dominated National Assembly, commodity prices are doubling every 26 days.

Venezuela: Drink coffee at the price of a house or run away from the country

Abu Dhabi, Carcass: - The currency in Venezuela is losing its value and prices are rocketing, and this is known as excessive inflation out of control, which means that even core commodity prices have risen dramatically.

According to a study by the opposition-dominated National Assembly, commodity prices are doubling every 26 days.

Inflation in Venezuela has come out of control in recent years despite having the world's largest oil reserves.

Low oil prices and government mismanagement have caused a sharp recession that has now made the price of a cup of coffee equal to the price of buying a home 15 years ago.

This is because Venezuela put most of its eggs in one basket, which is oil.

This means that if the oil price falls, the country's ability to import will fall as it has a foreign currency, so prices will rise and increase inflation.

In addition, the government wants to print more money and raise the minimum wage significantly in an attempt to win the popularity of the poor and thus have the money that has no value.

As investors declined to pay their money to Venezuela, the government turned to printing more currency papers, leading to more depreciation and more inflation.

The Venezuelan government removed five zeros from its currency and granted it a new name last August, Petro, raised the minimum wage 34 times from the previous level and banned generous fuel subsidies for those who do not hold the Venezuelan identity and raised VAT from 4 percent to 16 percent.

percent. However, the currency continued to deteriorate and the International Monetary Fund expected inflation to reach 10 million percent by the end of 2019.

Since 2014, about 3 million Venezuelans have left their country.

For its part, the government says the number is much lower.

Those who chose to stay in Venezuela face empty stores on their thrones, electricity and water shortages and lack of medication and employees are worried about paying their bills.

The minimum monthly wage is currently about 4500 bolvars, equivalent to only $ 6 on the black market.

Food shortages have become a major problem and the level of malnutrition among children in that country has reached a record level.

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