© Reuters. Venezuela minimum wage up 155 percent, down 13 percent in dollar terms
CARACAS (Reuters) – Venezuela raised its minimum wage to 1 million bolivars per month on Monday, the third increase this year that puts the figure at just $1.61 at the black market exchange rate.
President Nicolas Maduro’s announcement of the 155 percent rise – or 13 percent fall, in dollar terms – came three weeks before a presidential election. It accompanies a monthly food ticket now worth just over 1.5 million bolivars.
The once-rich OPEC country is in the midst of an economic crisis in which millions earn just a couple of dollars per month, suffer food and medicine shortages and battle soaring inflation.
Maduro blames an “economic war” waged against his government by Washington and the country’s opposition.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Sterling Pushes Higher After MPs Grab Control of Brexit - March 26, 2019
- Forex – U.S. Dollar Rises as Inverted Yield Concerns Ease - March 26, 2019
- Sterling Advances as Lawmakers Grab Brexit Control From May - March 26, 2019