Inflation: Venezuela Will Cut Five Zeros from Currency
August 16th, 2018Ah yes, ye ole Zimbucks solution:
Three Eggs Priced in Zimbabwean Dollars
Toilet Paper Only; No Zim Dollars
Via: WRAL:
Faced with nearly incomprehensible inflation — 32,714 percent as of Wednesday — Venezuelan officials thought they had a solution: They changed the color of the bank notes and increased their denomination. Then they said they would lop off three zeros. And when that didn’t seem enough, they announced they would cut off two more.
The tactics have left Venezuelans like Yosmar Nowak, the owner of a coffee shop in Caracas, convinced that there is no solution in sight and that the government cannot even bring down the price of a cup of coffee, an eye-watering 2 million bolivars.
“I imagine if we keep like this we’re going to have to do the same thing in December,” said Nowak, who has been forced to raise prices in her cafe at least 40 times this year.
