Plummeting bolivar has Venezuelans clambering for US dollars

Venezuelans in Caracas are sidestepping the bolivar, the country’s local currency, in favor of the US dollar.

This trend appears to be on the rise as Venezuela’s currency crisis worsens. A 50,000-bolivar note was the Venezuelan central bank’s most recent attempt to curb the galloping devaluation of money and shortage of cash.

The move in June was the second time within only a year that the central bank saw the need to issue fresh bank notes.

It has helped little. Amid international sanctions, the value of the bolivar continues to plummet, leaving people desperate for hard currency like the US dollar.

Categorieën:Overheid en samenleving

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