By Admin 
America has arrested Venezuelan President Nicolas Maduro. Because of this there is panic at the global level. However, in the meantime we will tell how America has not only put pressure on Venezuela at the political level, but their currency also has a lot of influence in Venezuela.
The official currency of Venezuela is Bolivar Soberano, which is internationally recognized by the code VES. This currency has been facing serious economic crisis and uncontrolled inflation for a long time. The situation became so bad that the government had to repeatedly remove zeros from the notes.
Bolivar price ends
Rising inflation in Venezuela almost destroyed the value of the bolivar. In the year 2008, then in 2018 and then in 2021, the government made several changes in the prices of notes as part of currency reform. Despite this, the currency’s decline did not stop. This had a direct impact on the common people and everyday things also became very expensive.
Dollar became the choice of common people
Due to the weakness of the Bolivar, the use of the US dollar increased rapidly in Venezuela. Today the situation is such that the prices of most goods and services in the market are fixed in dollars. Although payment can also be made in bolivar, people consider dollars more reliable. Gradually the dollar is being used as a parallel currency in Venezuela.
Why is the dollar stronger?
The US dollar is counted among the most stable and strong currencies in the world. Due to political and economic instability in Venezuela, people have lost confidence in their currency. In such a situation, dollar has become the safest means of savings and transactions. According to Wise.com, the value of one US dollar in Venezuela is approximately equal to 304.30 Bolivar Soberano. This figure clearly shows how strong the dollar is compared to the bolivar. According to this, if an American takes 1 thousand dollars to Venezuela, then its value there will be 3 lakh 4 thousand bolivars.
real picture of economic crisis
Despite being among the countries with the world’s largest oil reserves, Venezuela’s economy remains weak. Inflation, currency devaluation and foreign sanctions have made the situation worse. Until economic stability returns, the future of the Bolivar may remain challenging.
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