An image is going round that sums up just how ridiculous Venezuela's economy has become.
A Reddit user uploaded a picture on Monday of a man using a 2 bolivar note to hold an empanada.
According to Venezuela's official bolivar-dollar exchange rate, the man using his money as a napkin is wasting about $0.31 (£0.20).
But on the black market, the reality is completely different. You can get 676.88 bolivars to the dollar, according to dolartoday.com. That means holding food with a 2 bolivar note costs the holder less than a third of one US cent.
Dolartoday.com'srt shows just how the value of the bolivar has plunged, with more and more units of the Venezuelan currency required to get hold of a single dollar:
This time last year, the bolivar was far more valuable, and even as recently as May this year, you could still get hold of a dollar for less than 300 bolivars. Today, you need more than twice that.
The country has a spiralling inflation rate. Official inflation is high enough, at 68.5%, but like the official exchange rate, that paints a much rosier picture than reality. Professor Steve Hanke, who runs the "Troubled Currencies Project," a joint program between the Cato Institute and Johns Hopkins University, says in reality inflation is more like 808%.
The country is a major oil exporter, and the plunge in prices is a huge part of what's causing the crisis — as a result, the country is pegged as having the riskiest debt in the world, with the highest likelihood of a future default. Food is increasingly hard to get hold of, shop shelves are often empty, and the country's social order is deteriorating.
The country is heading into a parliamentary election in December, which will not unseat President Nicolas Maduro but could give the opposition a parliamentary majority for the first time since Venezuela's 1999 constitution came into force.
fonte: http://www.businessinsider.com/venezuelas-currency-is-now-so-worthless-that-people-are-using-it-as-napkins-2015-8?utm_content=19199845&utm_medium=social&utm_source=facebook
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