Venezuela’s economy is continuously deteriorating. And now according to a report published in Bloomberg, Venezuela has decided to print one lakh currency bolivars. The currency of Venezuela is Bolivar. Which is the weakest currency in the world at the moment. Think of your cup of tea which is coming around ₹ 15 right now. If he comes to 3000000 rupees, how will it be? The same situation is happening in Venezuela right now. Venezuela is a country in which the world is unable to decide who its president is?
Venezuela’s economy is steadily weakening
The condition of Venezuela’s economy has now become that the country has to buy goods by selling gold. But this is nothing and millions of people in Venezuela go to bed hungry. Because they do not have food to eat.
According to a report, there are about 700,000 people in Venezuela who do not have the money to buy food for two times. The United Nation Food Program Agency said in February that one in every three Venezuelan citizens did not have food to eat. Or there is insufficient food. Now the situation has become worse there.
Venezuelan citizens are being forced to leave the country
According to media reports, after 2013 about 3 million Venezuelan citizens have left their country. This is the biggest displacement of our times. But why is all this happening? In fact, corruption in Venezuela is so prevalent at the moment that you may have to pay bribe to even walk.
US sanctions have made Venezuela’s economy even more bankrupt. After Savage’s death in 2013, Nicolas Maduro became the President of Venezuela and that is where the controversy started. Maduro did not get public support. In addition to what Chavez had found, Venezuela faced difficulties due to maduro’s wrong policies and economic scandals.
Venezuela’s economy has been shrinking for the last 7 years
Venezuela’s economy has been steadily shrinking for the last 7 years. The largest part of Venezuela’s economy is crude oil. 96% of Venezuela’s economy comes from crude oil. So when crude oil prices fell in 2014, Venezuela’s economy also began to shrink.
According to an IMF report, Venezuela’s economy shrunk by 30% from 2013 to 2017. That is, this 30% economy ended forever.
After 2017, the situation in Venezuela started to get worse and the inflation here started almost doubling every week. Let me give you an example here. Suppose you bought 1 kg of milk for ₹ 100 this week, then that milk will become ₹ 200 next week. In this manner, inflation in Venezuela is increasing. Now the situation in Venezuela is that the minimum wage rate has been fixed by the government. A hundred times more currency than that is not able to bring the goods of normal needs.
Economic experts say that such a round came in a country in 1920 or in Germany. Or after that in 2008 in Zimbabwe. After that the world had not seen such a terrible economic tragedy, which is happening right now in Venezuela.
Who is the President of Venezuela?
Venezuela’s economic as well as political situation is not good, yet the world does not know who is the President in Venezuela? In 2018, Nicholas maduro held elections. And his rival Juan Guwaido lost the election. And Nicolas Maduro once again became the President of Venezuela. But Gawiedo alleged that he rigged the election. And Nicholas Maduro has lost the election. So, I am now the President of Venezuela. Guwaido was recognized as the President of Venezuela by nearly 50 countries of the world. Which includes countries like America, Britain, France, Germany.
This was followed by a large-scale performance in Venezuela. Which got the support of big countries like America Britain. After this juan guwaido declared himself the interim President of Venezuela. Which was accepted by countries like America and Britain. This list includes about 50 countries of the world. When maduro did not leave the president’s chair in Venezuela, the US imposed economic sanctions on Venezuela. This led to the condition that all exports were closed and the foreign exchange reserves were exhausted. Then came the role of Venezuela’s currency Bolivar. When the foreign exchange reserves ran out, the price of Venezuela’s currency Bolivar also ended, now if you have to bring vegetables too, then you have to carry the money with a bag. That is why Venezuela’s currency is called the world’s weakest currency. To overcome this problem, we have decided to print 1 lakh denomination banknote in the Central Bank of Venezuela and the denomination of 100,000 will be worth only $ 0.23. If you have to buy $ 1 then more than four lakh bolivar Will have to pay the price.
Venezuela is selling gold to run the economy
Venezuela’s economy deteriorated even more after the United States imposed economic sanctions. And its foreign exchange reserves are almost gone. Now it is reported that Venezuela has started selling its gold. According to the media report, Venezuela has sold about 30 tonnes of gold in the foreign markets in the last 2 years.
Venezuela also kept some of its gold in foreign banks. One of them is the Bank of England. Here Venezuela has gold worth $ 1.8 billion, now Venezuela has also asked for this gold back from the Bank of England. But the Bank of England has refused to give this gold to Venezuela. In its reply to Venezuela at the Bank of England said that we cannot give you back the gold. We can only give gold to the President of Venezuela. And we do not believe that Nicolas Maduro is the President of Venezuela. This has increased Venezuela’s difficulties even more.