NIFTY 50

Venezuelan streets quiet after currency devaluation

Updated : August 22, 2018 07:55 AM IST

The OPEC nation on Monday cut five zeros from prices and pegged the country's currency to an obscure state-backed cryptocurrency, as part of a broad set of measures meant to address hyperinflation and an economic crisis.
The central bank reported a new exchange rate of 68 bolivars per euro, in line with the 60-bolivar-per-dollar rate that Maduro implied when he announced the new measures on Friday.
Critics slammed the plan as inadequate in the face of inflation that topped 82,000 percent in July and called for a one-day halt of commercial activities.
Venezuelan streets quiet after currency devaluation
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV