Venezuela’s economic crisis intensified as the official cost of the US dollar surged nearly fivefold in just one year. The central bank set the rate at 301 bolivars per dollar, a staggering increase from the previous year, while black market rates approach 560 bolivars, widening the gap to nearly 100 per cent.
President Nicolas Maduro’s projected economic growth of nine percent failed to materialize as hyperinflation and currency shortages worsen. Analysts warn that inflation may surpass 500 percent. Amid the turmoil, the US continues to enforce sanctions, targeting oil exports and deepening the dollarization of Venezuela’s economy as citizens turn to alternative markets and crypto exchanges for survival. The crisis highlights the fragility of an oil-dependent economy under international pressure.
#VenezuelaEconomy #DollarSurge #Hyperinflation #USSanctions #MaduroCrisis #VenezuelanCrisis #CurrencyCrisis #FinancialNews #LatinAmericaEconomy #EconomicCollapse
