Article 3W156 One US dollar costs 175,000 Venezuelan bolívars

One US dollar costs 175,000 Venezuelan bolívars

by
Mark Frauenfelder
from on (#3W156)

Screen-Shot-2018-08-02-at-9.19.29-AM.jpg

In 2010 a Venezuelan bolivar was worth about US$0.50. Today it's worth US$0.0000058.

Here's another way of looking at it. A satoshi is one one-hundred-millionth of a single bitcoin. At the current exchange rate, a bolivar is worth less than 1/8th of a satoshi.

The Central Bank of Venezuela is getting ready to issue a new currency, called the bolivar soberano. The plan was to make 1,000 bolivar = 1 bolivar soberano in June, but the president decided to wait until later this month and make 100,000 bolivar = 1 bolivar soberano.

This is what 2,1m bolivars (1 USD) looks like. Inflation this week was 50% aproximately - 170% montly inflation from r/pics
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