President Maduro increases value of the cryptocurrency Petro
7 diciembre 2018

On November 29, as part of the 100 days of the Economic Recovery Program, Venezuelan President Nicolás Maduro announced, in a meeting with his economic cabinet, that the price of the cryptocurrency Petro would rise from USD 42 (Bs.S. 3,600) to USD 105 (Bs.S. 9,000) starting November 30. It comes as part of efforts to strengthen the government’s economic plan and spur growth.

 

Other relevant measures include the increase in the minimum wage from USD 21 (Bs.S 1,800) to USD 52.5 (Bs.S 4,500) -the equivalent of half a Petro- as of December 1.

 

The president said the economic program worked only for the first 45 days due to constant attacks by the U.S. government, which, he argued, prevents foreign companies from investing in Venezuela. On this, Maduro said, “I created a system of free and fluctuating exchange, but imperialism is looking for a way to corrupt it. However, he was confident that the plan will be successful next year.

 

The Recovery, Growth and Economic Prosperity Plan is a Maduro-driven initiative to resolve the grave economic crisis engulfing the country since last year. It came into force August 20, 2018. The most important measures of the plan are the start of the sale of the cryptocurrency Petro in sovereign bolivars, the replacement of the dollar by the euro as the reference currency in the exchange market and the banning of any hindrance to the free circulation of food in the country.

 

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