Yesterday afternoon, Maduro continued a recent streak of announcing seismic changes to the country’s economic backbone by revealing that he would devalue the country’s currency by 96% starting n Monday, and increase the minimum monthly salary by more than 3,000.
Maduro said, coinciding with the launch of the Bolivar Soberano (Bs. S.), the minimum monthly salary would now Bs. S. 1,800.
Yesterday’s announcements are noteworthy not only because of their magnitude, but also because they point to a deeply troubled economy. Maduro attempted to ease fears that the announcements pointed to a deeply-seeded economic malaise by saying:
I want the country to recover and I have the formula. Trust me.
Reuters called the announcement “one of the biggest economic overhauls” of the Maduro presidency, and said that Maduro also revealed an increase to the corporate tax rate.
Maduro also said that he was aiming to eventually have a single currency exchange system in the country. as opposed to the multi-tiered system currently in effect. The new singular exchange system would be tied to the Petro, the regime’s custom-built cryptocurrency, which has been widely cricitized as a poorly thought-out experiment.
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