The total economic collapse and financial crisis continued to ravage Venezuela this week, with the nation’s central bank issuing a smart phone app to help confused citizens convert prices to the country’s new, devalued currency.
According to Bloomberg, Venezuela’s central bank released the ‘Sovereign Calculator’ for Android-based mobile phones Wednesday; performing calculations that allow residents to convert prices from the old Bolivar to the new Sovereign Bolivar.
“The Sovereign Calculator, a tool for everyone and all Venezuelans, is the best ally people will have to understand and assimilate the monetary re-denomination process,” the central bank said on Twitter. “Download it now!”
La Calculadora Soberana una herramienta para todas y todos los venezolanos, es el mejor aliado que tendrá el pueblo para entender y asimilar el proceso de reconversión monetaria.#CalculadoraSoberana #BolívarSoberano
— Banco Central de Venezuela (@BCV_ORG_VE) August 23, 2018
The app will constantly update with new conversion and exchange rates in order to help citizens understand the uncharted pricing schemes.
Read the full story at Bloomberg.
NIGHTMARE: Venezuela Struck with 7.3 MEGA EARTHQUAKE as Economy Crumbles
A massive 7.3 magnitude earthquake struck the northern coast of Venezuela Tuesday night; sending shockwaves through a region struggling with a crumbling economy and a collapsing socialist government.
The United States Geological Survey confirmed the mega quake occurred at 5:31pm local time near the city if Carupano.
— Érika Ortega Sanoja (@ErikaOSanoja) August 21, 2018
“The earthquake was felt more than 600km further east in Caracas, where the crisis-stricken nation’s political leaders were celebrating a ‘revolutionary’ new economic plan they claim will rescue Venezuela’s crumbling economy but economists fear will make it worse,” writes the Guardian.
Read the full story here.
PARADISE LOST: Inflation Nears 1,000,000% in Venezuela, Eggs Cost 2 WEEKS PAY
The economic crisis engulfing Venezuela reached new heights this week, with the nation’s currency seeing inflation rates nearing 1,000,000% as the socialist government struggles to contain the economic collapse.
According to the Washington Post, the Venezuelan Bolivar plunged in foreign exchange rates as the price of a dozen eggs reached 2,600,000 Bolivares in local supermarkets and shops.
“This week, for instance, the price of a dozen eggs topped 2.6 million bolívares — equal to two weeks’ pay at the minimum wage. But for a Venezuelan who can exchange dollars at the black market rate, those same eggs are a relative bargain, costing only 60 cents,” writes the Post.
“I never feel clean anymore,” said one citizen. “We’re hungry most of the time. I don’t think things will get better.”
Just this week, socialist president Nicolas Maduro admitted his government’s economic policies have totally “failed,” vowing to implement new guidelines to stabilize the crumbling currency.
Read the full report here.