Venezuela's Bolivar Currency Worth Less Than 'World of Warcraft' Cash

[GatoGordo]

Venezuela's Bolivar Currency Worth Less Than 'World of Warcraft' Cash
BY ERIC CHIU 08/01/17 AT 3:36 PM

"Venezuela has been dealing with a series of major political and financial problems lately, but in recent months, major inflation has been an additional and growing concern for residents. On Twitter, Venezuelan user @KalebPrime pointed out how bad inflation has gotten for the bolivar, the country’s currency:

Link to tweet

Since then, the situation for the bolivar has gotten more severe. According to Venezuelan financial tracking site DolarToday, the current black market exchange rate sits at 12,197 bolivar per $1 U.S.D. By comparison, the rates for a token in World of Warcraft have gotten relatively more affordable. Via PlayerAuctions, third-party auctions for in-game tokens have an average rate of around 6,000 to 6,500 gold per $1 U.S.D.

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http://www.ibtimes.com/venezuelas-bolivar-currency-worth-less-world-warcraft-cash-2573128

[ExciteBike66]

1. Lok tar ogar! nt

[GatoGordo]

2. The Bolivar has devalued over three million percent

Three Million Percent Later
By Frank Muci - August 3, 2017

The black market exchange rate blew past 17,280 VEF/$ today, evaporating two-thirds of the value our currency had on May 18th, when the rate was 5,760. That day, just 77 days ago, the exchange rate was up a million percent from Chavez’s swearing in on February 2nd, 1999. Today, it’s up three million percent.

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My guess: the FX rate could be over 30-40 thousand VEF/$ by 2018 if there are no substantive changes in policy. Why? Venezuela’s Central Bank is creating Bolivares at an unprecedented rate to fund the government’s deficit, so other things equal, nominal variables in the economy like prices and the exchange rate should keep pace. Base money — the stock of currency the Central Bank creates — is up 666% in the last 12 months and rising fast. Just last week, it spiked 13%.

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https://www.caracaschronicles.com/2017/08/03/three-million-percent-later/

Chavismo FTW!