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| Shoppers walk past empty shelves in the refrigerated foods section of a Makro supermarket in Caracas(Jorge Silva/Reuters) |
International Business Times has a story by David Sim about the economic situation in Venezuela. It's about half fluff and half facts. Here are some excerpts.
The official exchange rate is about six bolivars to one US dollar, but Venezuela's spiralling inflation makes locals desperate to get rid of their bolivars; rates of 400 to one are not unheard of.
Venezuela's largest denomination note is 100 bolivars (officially valued at about $15, but worth as little as 25 cents on the black market).
In contrast with tourists, Venezuelans' purchasing power has fallen. Wage rises cannot match the inflation rate, which was 68% in 2014. It is widely forecast to hit triple digits this year.
The
IB Times story has a several great photos, besides the dismal one I posted above.
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