Venezuela has the largest oil reserves in the world and several years ago when the reserves were discovered, Venezuela left agriculture and production in the rush for oil and since then there was very limited if any, development in these areas and so, the fall in global oil prices has crushed the returns from the oil reserves.
Over 2million people have fled Venezuela to neighbouring countries because what once was avery wealthy country has no employment, food, medicine and other basic human needs along with massive corruption and out of control inflation expected to reach 1million % by the end of 2018. 90% of venezuela export, is oil export
In a desperate attempt by the Venezuelan government led by Nicolas Maduro , is working at reigning in the out of control inflation and tackle its economic crisis. The government has with effect from today, Mondy 20/8/18 introduced, the new ‘sovereign bolivar’ into circulation , declared today, a national holiday so that Venezuelansadapt to the new banknotes.
The out of control inflation in Venezuela is predicted to reach a million per cent in 2018, with a cup of coffee currntly costing approximately two million bolivars. By Sibusiso Ngwenya More news to follow
see more at http://newzimbabwevision.com/venezuela-monetary-reform-venezuela-has-removed-five-zeros-from-its-currencyraised-minimum-wage-by-3000-renamed-it-sovereign-raised-minimum-wage-by-3000/
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