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Just when I thought things couldn't get worse here, Maduro does it again. There are reports of looting in several cities because there is no cash to be found an
by rafaelm 10y ago
Just when I thought things couldn't get worse here, Maduro does it again. There are reports of looting in several cities because there is no cash to be found anywhere. Lots of workers get paid every Friday in cash. Some of them got paid with Bs.100 bills which are no longer being accepted. So they effectively have no money to buy food with.
Around 30% of the population here doesn't have a bank account to deposit the Bs.100 bills. Also, many of the small bodegas don't have points of sale to take debit cards.
This is just another round of the improvisation game Maduro plays with the economy here. They promised the new bills would be out yesterday and they are nowhere to be found.
- viraptor 10y agoSince you know the local situation, could you tell me if it's common to see people use foreign currency for local products? I remember that when eastern Europe economy was isolated / currency unstable, people sometimes either did small scale barter, or used US dollars for large transactions (if they could get any, that is...)
- rafaelm 10y agoThere is a small market in USD for larger transactions like real estate, cars,etc. But not for day to day stuff like food. Some people might have some savings in dollars or euros which they exchange at the black market rate to get bolivares and live off that. $100 could be used for a family of 2 or 3 to live for a month.