Venezuela In Chaos After Yesterday's Currency Devaluation And The Imposition Of New Economic Measures

A kilogram of chicken pictured next to 14,600,000 bolivars, the equivalent of 2.22 USD, at a mini-market in Caracas

Bloomberg: Confusion Reigns as Maduro Mega-Devaluation Roils Venezuela

* Petro will anchor new currency to be rolled out on Monday
* Government plans to raise minimum wage more than 3,000 percent

Many Venezuelan shops closed as a precaution as confusion reigned Saturday following measures announced by President Nicolas Maduro aimed at fighting an historic economic crisis in the oil-exporting nation.

The government will enact a massive currency devaluation and an increase in taxes, and will raise gasoline prices. A new version of the bolivar will trade roughly in line with where the black market was, and the government will raise the minimum wage more than 3,000 percent -- a level that still only equates to $30 a month.

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WNU Editor: This Venezuelan crypto currency has nothing backing it .... even though the Venezuelan government is claiming that it is backed by the country's oil wealth?!?!?! Here is an easy prediction, Venezuela's hyperinflation will continue and what is left of a functioning economy will now go underground.

More News On Venezuela In Chaos After Yesterday's Currency Devaluation

Crisis-hit Venezuela on edge as new sovereign bolívar banknotes enter circulation -- SCMP/AFP

Venezuela In Chaos After Maduro Announces Massive 95% Devaluation, New FX Rate Tied To Cryptocurrency -- Zero Hedge
Venezuelan shopkeepers alarmed by Maduro's latest economic moves -- CNBC/Reuters
Venezuela's economic crisis: What you need to know -- SKY News

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