Venezuela: Here one bottle of milk costs 84,000 bolivars, one week's ration 7.72 lakh
The Venezuelan currency of bolivar has got highly devalued. One dollar here is equivalent to 84,000 bolivars.
India is witnessing protests against price rise but the economic situation in Venezuela is mind-boggling. A bottle of milk in the South American country costs a whopping 84,000 bolivars.
The state of affairs in Venezuela can be gauged from people carrying a several sacks full of currency notes to buy the month's ration.
The condition is turning from bad to worse. The poor are finding it difficult to buy food for even once a day.
FOREIGN DEBTS
The central bank of Venezuela is left with just $10 billion. The reserves have depleted in paying debts. The situation may turn worse as the country situated on the north coast of South America has to pay more debts to countries like Russia, China and Japan.
The Venezuelan currency of bolivar has got highly devalued. One dollar here is equivalent to 84,000 bolivars.
While widespread protests start taking place in India in the event of a spike in inflation even by 3 per cent, inflation in Venezuela has increased by 4,000 per cent. As a result of this, essential commodities have vanished from the shops. And where they are available, people have to shell out lakhs of bolivars to buy them.
The low income group is finding it extremely difficult to make two ends meet. Even the minimum salary of 2.2 lakh bolivars is not sufficient for a person to buy one month's ration.
FAMINE AND VIOLENT PROTESTS
A family needs at least 7.72 lakh bolivars to buy ration for just a week. This has resulted in famine-like situation in the country. It has given rise to violent protests at several places.
Black marketing is taking place due to the lack of availability of essential items. The affluent class is buying the essential items from the black market.
One dozen of eggs costs $150 in the black market. Converted in the Indian currency, a dozen of eggs is being sold for Rs 12,000.
Similarly, a kilogram of flour costs $9.50 (Rs 617).
According to reports, the value of the Venezuelan currency is falling every day.
On November 1, $1 was equivalent to 41,290 bolivars. On November 15, it fell to 60,942 bolivars and on November 21 it further dropped to 84,372 bolivars.