Month: August 2017

According to the International Monetary Fund, inflation in Venezuela is expected to soar above 700 percent this year. Venezuelans who are able to are hoarding dollars and other currency alternatives. “Every time the black dollar (the black market dollar) goes up, you’re poorer,” resignedly said Juan Zabala, an executive in a reinsurance business in Caracas. His salary is 800,000 bolivars per month. On Thursday, that was worth $47 at the parallel rate. A year ago, it was $200.