The currency of venezuela.
the president of venezuela announced that the country would be devaluating the bolivar for the fifth time in nine years. the official rate is falling from 4.3 bolivars to the dollar, to 6.3, a 32% devaluation. by increasing the bolivar value of exports of oil to the us and other nations, the government hopes to alleviate a budget crisis caused by its increasing reliance on borrowing to meet spending obligations.
in response to the announcement, the people of venezuela lined up today to buy televisions, electronics, and airline tickets in order to protect themselves from projected price increases.
venezuelans started buying items immediately because of their fear of