Tough times: A closed bakery in Caracas. Venezuela’s economic measures spooked shopkeepers already struggling to stay afloat due to hyperinflation, government-set prices for goods and strict currency controls that crimp imports. — Reuters
PUNTO FIJO: After Venezuelan President Nicolas Maduro’s 60-fold increase to the minimum wage, store owners wrestled with an anguishing decision: Close up shop or hit customers with steep price hikes at the risk of sinking the business.
In a set of sweeping announcements that shocked many Venezuelans, the socialist Maduro has ordered a 96% currency devaluation, pegged the bolivar currency to the government’s petro cryptocurrency and boosted taxes as part of a plan aimed at pulling the Opec member out of its economic tailspin.
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