Venezuelan Hyperinflation

About Venezuelan Hyperinflation

Venezuela experienced hyperinflation starting in 2016, peaking at an estimated 1.7 million percent in 2018. The bolivar lost 99.99 percent of its value. Millions of Venezuelans fled the country. Hunger was widespread. Hospitals lacked basic supplies. The crisis was caused by oil price collapse, economic mismanagement, currency controls, and money printing under Maduro. Venezuela had been one of the wealthiest countries in Latin America. The minimum wage was raised over 50 times in five years, each time rendered meaningless within days. Venezuela introduced a new currency, the digital bolivar, in 2021, removing six zeros from the old currency.