Venezuela authorities decided to increase the size of the minimum wage up to 7 million sovereign Bolivarov. This was stated by the Minister of Labor of the Republic of Eduardo Pinyat, reports TASS.
At the official rate, this amount is approximately $ 2.5 US dollars.
In addition to salary, citizens will receive coupons on the essentials of the essentials for another 3 million Bolivars.
Earlier, the Government of Venezuela decided to switch to the payment of social benefits by civil servants in the National Cryptocurrency Petro. According to the President of the Bolivarian Republic of Nicholas Maduro, who led the RIA Novosti agency, thus the authorities intend to “protect the real value of social payments under hyperinflation.”
In recent years, Venezuela is in the hardest socio-economic crisis. In 2018, inflation in the country amounted to 1.7 million percent, in 2019 – almost 10 thousand percent. The introduction of sovereign Bolivar was one of the ways to combat the crisis, but the initiative did not work. The course of the national currency quickly collapsed.
One of the main reasons for such a state of the Venezuelan economy, tied to the export of oil, was the sanctions of the United States.