On Monday, Venezuelan President Nicolas Maduro will issue a new currency to manage the country's runaway inflation, which the IMF predicts will hit 1,000,000% this year.

The Venezuelan bolivar has become near-worthless, following a severe economic downturn. To show the extent to which hyperinflation has gripped the country, Reuters photographer Carlos Garcia Rawlins created images of everyday food and household items alongside the amount of money it costs to buy them.

A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas.


Last Thursday, a toilet roll cost 2,600,000 bolivars.


Three million bolivars for these carrots.


Venezuelans have been stocking their homes with food before the measures take effect on Monday, amid concerns that confusion and overburdened banking systems could make trade impossible.

A packet of 1kg of rice cost 2,500,000 bolivars.


In July this year inflation hit 82,700%.

Alicia Ramirez, 38, a business administrator, spoke to Reuters in a supermarket in the western city of Maracaibo: "I came to buy vegetables, but I'm leaving because I'm not going to wait in this line.

"People are going crazy."

For a packet of sanitary pads you need 3,500,000 bolivars.


A kilo of tomatoes? That'll be 5,000,000 bolivars.


Monday has been declared as a public holiday, the same day as internet banking operations are halted for several hours and a new set of notes with lower denominations are introduced.

A kilogram of cheese is pictured next to 7,500,000 bolivars.


Nappies could be purchased for 8,000,000 bolivars


And a kilogram of meat cost 9,500,000 bolivars.



Source: https://www.bbc.co.uk/news/amp/world-latin-america-45246409

BruncleZuma, between this Venezuelan situation and the Zimbabwean inflation of 2008 which one do you think was worse?

Wow...the currency is dead. imagine if I go der with about $10k and buy PMS (petrol) and have it shipped to Nigeria? Or go there and buy cars and export them to naija.

Seened:
BruncleZuma, between this Venezuelan situation and the Zimbabwean inflation of 2008 which one do you think was worse?

I think Zimbabwe's inflation was worse, some quadrillion or gazillion % inflation rate.

And we say Nigerian currency is worst Well I rest my case.

Seened:
BruncleZuma, between this Venezuelan situation and the Zimbabwean inflation of 2008 which one do you think was worse?

It's still progressing and that's not a good indication and should act as a warning for us here in Nigeria. Huge mineral resources and irresponsible governing are a dangerous mix for any economy and South Africa is about to join the fray.

Leonidas8:
I think Zimbabwe's inflation was worse, some quadrillion or gazillion % inflation rate.

Much worse...

Leonidas8:
I think Zimbabwe's inflation was worse, some quadrillion or gazillion % inflation rate.

Interesting indeed.

BruncleZuma:
It's progressing and that's not a good indication for us here in Nigeria. Huge oil reserves and irresponsible governing are a dangerous mix for any economy and South Africa is about to join the fray.

South Africa?
(The only thing that comes to mind is the land reform.)

Seened:


Interesting indeed.


South Africa?
(The only thing that comes to mind is the land reform.)

Those are the baby steps

This as a result of negligence on the side of Venezuelans. They ought to have followed Nigerian shoes long go in launching counter economic war by ditching the dollar. https://www.nairaland.com/4678873/nigeria-iran-nations-begin-ditching

The Crypto currency that was intruduced recently was also sanctioned by the same dieing empire.. This they ought to have done since.. Run to China, do currency swap or even turn to accepting Yuan, Euro at local level while ditching dollar. They should change to good old gold system. Sell anything they have in exchange for real gold. This is fighting back big time. They should prepare for a real shooting war cos that is the empire's red line for regime change and a shooting war.


The EMpire's demise is near, it's only weapon left will soon die a natural death and will have nothing to fight again or terrorize the Economy of other countries.
https://www.nairaland.com/4684275/sanctions-sanctions-sanctions-final-demise

scully95:
This as a result of negligence on the side of Bolivians. They ought to have followed Nigerian shoes long go in launching counter economic war by ditching the dollar. https://www.nairaland.com/4678873/nigeria-iran-nations-begin-ditching

The Crypto currency that was intruduced recently was also sanctioned by the same dieing empire.. This they ought to have done since.. Run to China, do currency swap or even turn to accepting Yuan, Euro at local level while ditching dollar. They should change to good old gold system. Sell anything they have in exchange for real gold. This is fighting back big time. They should prepare for a real shooting war cos that is the empire's red line for regime change and a shooting war.


The EMpire's demise is near, it's only weapon left will soon die a natural death and will have nothing to fight again or terrorize the Economy of other countries.
https://www.nairaland.com/4684275/sanctions-sanctions-sanctions-final-demise

The Bolivar is the currency...the country is Venezuela and their crypto backed by petroleum was just ill-advised madness.

BruncleZuma:


The Bolivar is the currency...the country is Venezuela and their crypto backed by petroleum was just ill-advised madness.

The crypto was not ill-advised madness. It was the right thing to do but was done too late but not too late to cry.
Even Turkey is also thinking of lauching its crypto. This is like saying you want to accept gold but in a crypto world.

A lot need to be done in educating the general masses first about the crypto.

In a country like China or SOuth Korea for example where every 9 out 10 people know what BTC is or even using or has used it even though China banned ICOs and BTC (They cant still enforce that till date)

You can't compare that level of exposure in South korea or even in China to that of Vene. A lot need to be done in Educating the masses first.

So the crypto is not ill adviced, it only came too late but not too late to cry.

Even as at that, the same empire did sanction the crypto too, but you know there is no way you can truly enforce such a sanction.

Again a lot of work need to be done.

You would need a truckload just to pay at a brothel

This would have been Nigeria's case if not for Buhari.

The poster above me (Dudeweedlmao) is a weed smoker. No wonder he is spiting this bulls**t

Buhari is determined to get us to this level.

#Neveragain shall Nigerians vote for a man who has no WAEC certificate, a man that has not run any successful business, an ethnic bigot and religion fanatic

Our currency try, Bubu made it worse

Just imagine an emigrant who just came in newly decided to rob someone after seeing this huge amount with someone only to discover it worth of sanitary pad... � � �

benson4u:
And we say Nigerian currency is worst Well I rest my case.

If we are not careful we will get to that situation very soon. 98% of Nigerians both leaders and masses are greedy. That's why what goes up in this country hardly goes down despite the cheap cost of production.

Looks and feels comical.

Sadly, there are families that are going to bed hungry. Sad.

If not for our God sent President Muhammadu Buhari, a bag of rice would have worth over 200,000 Naira. Imagine PDP paying subsidy for rice and sugar ..

Never again will claim power in this country..





God bless PMB. Nigeria will be great

That means to buy a car, you would need a truck load of it.

Aaaaaaaah!

Check my signature for phone deals

lmao

our brethren n dat country go vamoose sharp sharp

Thank God for giving us Buhari that helped us managed our economic recession if not we would be in this mess courtesy of GEJ

They should all go back to trade by barter system

Nairalanders that love putting Nigeria down as the worst country in the world, see all of una life outside

Nigeria is actually one of the greatest countries on earth. She’s not perfect but she’s not totally rotten.

I remember ppl carrying bags of Zimbabwean currency to buy a loaf of bread. Pit happened in Ghana some years ago but zeros were cut off n the inflation reduced.

Buhari must be chased out by all means necessary or else Nigeria will experience an inflation that is worst than this. We must chase that crazy bald head back to Duara!

Make all of them go buy sacks. This one sef worse pass Zimbabwe own