Venezuelan President Maduro’s shocking economic moves have left the people shocked. In a set of moves, the socialist leader has passed orders for currency devaluation to the tune of 96 percent, pegged the Venezuelan Bolivar to the petro cryptocurrency of the government and has given a boost to taxes primarily to pull the country out of economic woes. These measures have after the minimum wage was increased 60-fold.
The moves have come to haunt the shop-owners in the country who have been struggling to survive in days of hyperinflation, increasing strict currency controls which have hit the imports and the government-pricing of basic basket ranging from flour to diapers.
Economists have warned that the latest measures will push many firms to undergo massive lay-offs as they will be unable to shoulder the bills generated from wages as the minimum monthly income will have to reach 180 million from a figure of 3 million bolivars. Unemployment will lead to another mass exodus of people to neighbouring countries which are already overwhelmed with migrants.
Maduro government has also announced that government will foot the wage bill for first three months for all the small and medium-sized companies although no details were furnished as to how the government will foot such a huge amount. Maduro has not weighed the possibilities and capacities of his government to pay wages on time.
The opposition has called for a nation-wide strike in early next week.