English-Français
អន្តរជាតិ
×![]()
ដោយ: Xinhua
CARACAS, Aug. 21 (Xinhua) -- As the country's new currency, the sovereign bolivar, entered its second day of circulation on Tuesday, Venezuelans were gradually adjusting.
"People have not yet adapted," Luis Alfredo Campos, a waiter at a Caracas food court, told Xinhua.
While consumers were often puzzled by the new banknotes, which eliminate five zeros from the inflation-hit bolivar, transactions appeared to be going smoothly, said Campos.
He and his colleagues had harbored doubts about whether electronic payments would function properly, but so far "everything has worked well," he said.
Venezuela's economy has suffered from shortages, hoarding and price gouging amid the power struggle between the socialist government and THE conservative opposition, which has led to rampant inflation.
In Venezuela, latest official inflation figures are not available. The central bank reported the 2016 inflation rate was 274.4 percent.
According to economists at the International Monetary Fund, inflation this year could top 1 million percent.
The sovereign bolivar is part of the government's economic recovery program to tackle inflation and overcome U.S. financial sanctions.
Ahead of the currency redenomination, Venezuelan President Nicolas Maduro warned retailers against using the switch as an excuse to raise prices. However, Campos noted a "minimum increase" in food prices.
One example is the empanada, which previously cost 1.2 million bolivars or 12 sovereign bolivars for one piece, but is now selling for 14 sovereign bolivars.
In downtown Caracas, office manager Betsabeth Segovia told Xinhua "the prices are exaggerated," but she was confident "the redenomination can resolve the inflation that we are experiencing."
To ensure the population has the money to tide it over until the next pay day on Aug. 30, Maduro announced a 600-sovereign-bolivar subsidy for workers.
The subsidy, which could benefit 10 million people, was required because the country's increase in the minimum wage will not come into effect until Sept. 1.
Angelo Rojas, a public-sector employee, said he was confident he would be able to make ends meet with the help of the subsidy.
Officials will "pass laws to take strong action against profiteering," he said.
Minister of Communication and Information Jorge Rodriguez on Tuesday said the introduction of new banknotes was proceeding "perfectly well.""Everything is moving along like clockwork. Each element of the plan is coming together," Rodriguez said.
"People have not yet adapted," Luis Alfredo Campos, a waiter at a Caracas food court, told Xinhua.
While consumers were often puzzled by the new banknotes, which eliminate five zeros from the inflation-hit bolivar, transactions appeared to be going smoothly, said Campos.
He and his colleagues had harbored doubts about whether electronic payments would function properly, but so far "everything has worked well," he said.
Venezuela's economy has suffered from shortages, hoarding and price gouging amid the power struggle between the socialist government and THE conservative opposition, which has led to rampant inflation.
In Venezuela, latest official inflation figures are not available. The central bank reported the 2016 inflation rate was 274.4 percent.
According to economists at the International Monetary Fund, inflation this year could top 1 million percent.
The sovereign bolivar is part of the government's economic recovery program to tackle inflation and overcome U.S. financial sanctions.
Ahead of the currency redenomination, Venezuelan President Nicolas Maduro warned retailers against using the switch as an excuse to raise prices. However, Campos noted a "minimum increase" in food prices.
One example is the empanada, which previously cost 1.2 million bolivars or 12 sovereign bolivars for one piece, but is now selling for 14 sovereign bolivars.
In downtown Caracas, office manager Betsabeth Segovia told Xinhua "the prices are exaggerated," but she was confident "the redenomination can resolve the inflation that we are experiencing."
To ensure the population has the money to tide it over until the next pay day on Aug. 30, Maduro announced a 600-sovereign-bolivar subsidy for workers.
The subsidy, which could benefit 10 million people, was required because the country's increase in the minimum wage will not come into effect until Sept. 1.
Angelo Rojas, a public-sector employee, said he was confident he would be able to make ends meet with the help of the subsidy.
Officials will "pass laws to take strong action against profiteering," he said.
Minister of Communication and Information Jorge Rodriguez on Tuesday said the introduction of new banknotes was proceeding "perfectly well.""Everything is moving along like clockwork. Each element of the plan is coming together," Rodriguez said.
© រក្សាសិទ្ធិដោយ thmeythmey.com
