To date, the price of the dollar is 14,483.54 bolivars – official value set by the Central Bank of Venezuela – a figure that has multiplied unstoppably since the beginning of the current year
Venezuela’s minimum monthly salary has reached its lowest point in the country’s history, on Tuesday being equivalent to 2.76 dollars according to the official rate, and after one year of the “economic recovery” plan of the Government of Nicolás Maduro to meet the crisis and hyperinflation.
To date, the price of the dollar is 14,483.54 bolivars – official value set by the Central Bank of Venezuela – a figure that has multiplied unstoppably since the beginning of the current year.
With the 40,000 bolivars per month, which translate into just under three dollars, Venezuelans are well below the threshold of misery established by the United Nations Organization (UN), which indicates that whoever earns less than 1.25 dollars a day is In extreme poverty
Although the minimum wage was set at the equivalent of $ 30 last August after the implementation of the economic plan, today the minimum wage has been reduced by 90.80%, despite the four salary increases of the last twelve months .
The 40,000 bolivars of the minimum salary can reach to buy, hopefully, an egg carton of 30 units, a reality not very different from that of a year ago, when Maduro increased monthly income 35 times after launching a monetary reconversion that He took five zeros from the national currency.
At present, the Government has not signaled another increase in salaries and does not even mention the so-called “economic recovery and prosperity” plan through which a new monetary cone came into circulation regarding the conversion with which it also sought Face cash shortage.
However, the lowest denomination bills have stopped circulating, because in the middle of the hyperinflation that the country is experiencing and that this year accumulates in 1,579.2%, for Venezuelans that impossible to pay with papers of 2, 5, 10, 20 or 50 bolivars, because its value is almost as nil as that of paper money that lost its validity in 2017 and that has even ended up in the trash.
Due to this situation, the Central Bank of Venezuela (BCV) announced last June the incorporation of three new bills of 10,000, 20,000 and 50,000 bolivars, equivalent to $ 0.69, $ 1.38 and $ 3.45, respectively.
The measures also included a modification of the currency exchange system, at that time called Dicom, and which to date has not been successful, as the main objective of the Government was to end the parallel market that continues to rise.
The price control, a formula also recycled by the Government, was part of this program, but the measure lasted only weeks and only ended with hundreds of people fined and detained, while the increase in gasoline was an announcement that never materialized And today the price of fuel is almost a gift.
Gasoline in Venezuela costs 0.00001 or 0.00006 bolivars per liter, depending on the octane rating, but because there was not a ticket that could pay this value, Venezuelans paid for their fuel with the 2 bolívares papers.
However, due to the circulation of these tickets, gasoline can be paid with 100, 200 papers or the one available to the driver at that time, and none of the cases will amount to ten cents.