Maduro eliminated five zeros to bolivar and annual inflation of 1,000,000% would come true

Venezuela is increasingly close to the abyss. Proof of this is that last month a daily inflation of 2.8% was reported, bringing the monthly rate to 128.4% and the annualized rate to 46.305% according to the estimates of the l 39 National Assembly,

In this context, the decision of the Maduro government was at least controversial in thinking about reducing the hyperinflation in which the country is sunk: eliminate five zeros to the bolivar, two more that those who were

This decision raised doubts and fears among the Venezuelans who fear that the measure could encourage the increase of public services and gasoline , making the inflationary projections of the International Monetary Fund: 1 000 000% by the end of the year a record rate in the region that would lead the oil country to a situation similar to that of the US. Germany in 1923 or Zimbabwe in 20 08.

to withdraw over the next two weeks several millions of coins and to incorporate a 50-cent coin and a bolivar coin, in addition to eight notes of 2, 5, 10, 20, 50, 100, 200 and 500 bolivars.

Announcements on the monetary reconversion and anchoring of the bolivar to the virtual currency of the petro generated by badysts, businessmen and opponents who believe that the measures will not overcome the crisis that tends to worsen with the problems faces the oil industry, economic heart of the country, by the fall of production and financial difficulties.

"What they are removing the zeros, but everything continues the same," he said Asdrúbal González, a 66-year-old butcher, acknowledging that he does not believe that the announced measures will stop the steep price hike that keeps prostrating the millions of Venezuelans trying to survive on a minimum wage of less than two dollars a month amid the worst crisis in decades.

"It's crazy because two weeks after the start of the conversion, they did not teach people how to take five zeros out of the room, and where are the tickets? And how do we pay ? ", She said annoyed ] Laura Perez, a 55-year-old housewife, while she was visiting a small street market looking for cheap food to take home.

For his part, Economic Vice President Tareck El Aissami badured that the monetary conversion will "defend and improve" the purchasing power of the working clbad before the end of the year. price acceleration. "The economic war, the price war, the brutal criminal speculation, has its time and its end," he said.

Opposition MP José Guerra, Congressional Finance Committee, stated that "there is no not a single measure to reduce hyperinflation " and that in a short time the price advance will eat the new currency cone.

Guerra said that the government did not specify how utility and transportation rates would be, as well as gasoline, sold at 6 bolivars (less than one cent) per liter .

According to a survey conducted last year the three major universities of the country, the economic crisis keeps 87% of the population in poverty, and makes 9 out of 10 Venezuelans can not afford their daily food .