Venezuelans started paying with eggs

Hyperinflation forces Venezuelans to pay with chicken eggs, onions or bananas are not quoted, as people are interested in obtaining protein. The Wall Street Journal writes about this.

Prices in Venezuela are doubling every few weeks, and the government does not have time to print the required number of banknotes. Pay for goods and services by credit cards is not possible because of the poor performance of payment devices.

One dollar on the black market cost about 236 thousand bolivars, this is 80 times more than a year ago. In 2013, this money could buy a small apartment, and now they may not be enough for lunch. The authorities lost control over the situation, there are two ways out of it: a switch to the dollar or a return to barter deals, economists say.

According to the forecast of the International Monetary Fund, by the end of 2018 inflation in Venezuela will accelerate to 13 thousand percent, and GDP will decrease by 15 percent, that is, it will decrease by half compared to 2013.

Against this background, President Nicolas Maduro intends to release the world's first national crypto currency El Petro. Its initial cost is $ 60. The first issue is to be held between February 20 and March 19.

To ensure El Petro authorities promised to allocate an oil field in the basin of the Orinoco River with reserves of five billion barrels.

Due to the fall in oil prices in 2014, Venezuela is experiencing a protracted economic crisis.
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