Monday, November 28, 2016

Venezuela currency tanks 60 percent in month on black market

Venezuela's bolivar currency has depreciated an unprecedented 60 percent in a month against the U.S. dollar on the black market to trade at nearly 3,500 on Monday, according to the widely-tracked web site DolarToday.

That makes the largest-denomination note of 100 bolivars now worth less than 3 U.S. cents in the crisis-hit OPEC nation.

Such is the currency chaos that Venezuelans often carry rucksacks full of cash for basic transactions, cashpoints are constantly running out, and some people are disparagingly using bolivar notes like scrap paper ....