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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

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