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The depreciation of the bolivar sinks Venezuela's minimum wage to two dollars

The depreciation of the Venezuelan currency against other currencies has sunk the minimum wage of the country (177,507 bolivares) -perceived by the majority of workers and all pensioners- to only two dollars a month, according to the exchange rate that the Today Dollar portal shows today.

Bogota, November 28 (EFE) .- The depreciation of the Venezuelan currency against other currencies has sunk the minimum wage of the country (177,507 bolivars) - perceived by the majority of workers and all the pensioners- only two dollars a month, according to the exchange rate that the Today Dollar portal shows today.

The Today Dollar website, which calculates the value of the US dollar to the bolivar outside the official rates set by the Central Bank of Venezuela (BCV), indicates that a dollar is purchased today in the unofficial market for 88,235 bolivars, and one euro for 105,000 bolívares.

Although the government of Nicolás Maduro banned access to this portal in the country, most Venezuelans frequently consult the Twitter account of the page to review the exchange differential that in recent weeks has changed several times a day, almost always to the detriment of the bolivar.

The parallel rate on Tuesday is equivalent 50% of the minimum wage of the country, but exceeds more than 8,000 times the value of the lowest official exchange rate (10 bolivars) and at least 25 times the reference rate of the system of auctions (3,345 bolívares), which Chavismo implemented this year but which ceased several weeks ago.

The Government, which has a monopoly on the sale of foreign currency since 2003, during the The last few months have greatly reduced the allocation of foreign currencies due to the deepening of the economic crisis and the fall in oil prices, its main source of financing.

Maduro has assured that the so-called Bolivarian revolution faces an "economic war" and, more recently, a "price war", which keeps rising in the formal and itinerant markets, especially this month in which the economy entered a hyperinflationary spiral.

The Venezuelan Parliament, of overwhelming opposition majority, reported the the first week of November that the cumulative inflation until October of this year stood at 825.7%, an index offered by the Chamber in the absence of data from the Central Bank of Venezuela (BCV).

In response to this "war", Chavismo has tightened controls on popular markets and the plenipotentiary National Constituent Assembly, conformed only by Officials, approved a law of agreed prices to try to harmonize the relationship between the Government and distributors.

Meanwhile, Maduro announced on the first day of the month the incorporation of the 100,000 bolivars bill that began circulating the next day when the dollar was trading at around 43,000 bolivares in the parallel market, which governs most of the commercial activities due to the drought in the currencies assigned by the State.

The euro - which for the beginning of the month cost about 50,000 bolivares - took 26 days to reach the powerful Venezuelan banknote, since yesterday it is listed above one hundred thousand bolivars.

The opposition deputy José Guerra, president of the Finance Committee of Parliament, has indicated that the issuing entity has increased the monetary base this year more than 1,000%, with respect to 2016.

He assured that this "money from nothing" is created by the Central Bank to "finance the deficit of the Government and the bankrupt (state Petroleos de Venezuela) PDVSA, "and denounced that these practices are" boosting "the depreciation of the bolivar and hyperinflation in the nation oil.

According to estimates released by the Chamber today, inflation will close the year above 2,000%.

All in all, Maduro ordered this month to refinance and restructure "all external payments "of the country However, some financial institutions have declared in suspension of payments the so-called Bolivarian revolution.

Dollar Today is prohibited in Venezuela and extracts its data from the calculation of the foreign exchange operations that are carried out in the Colombian city of Cúcuta, bordering the oil country.

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