MOSCOW (Pakistan Point News / Sputnik - 22nd August, 2018) The National Assembly of Venezuela rejected the economic measures announced by President Nicolas Maduro, the parliament said in a statement on Tuesday.
On Monday, Venezuelan government announced introduction of a new currency, sovereign bolivar, to replace the old one devalued as a result of hyperinflation. According to Maduro, there are two currencies in Venezuela starting Monday - bolivar and oil-backed digital Currency petro. At the same time, old money also remain in circulation until they are phased out. The new bolivar will be tied to petro, and the central bank will begin to publish the official rates an a daily basis. Maduro also announced a 60-fold increase of the minimum wage, which now amounts to 1,800 denominated bolivars, or half the cost of one petro.
"The National Assembly adopted an agreement during an extraordinary session that rejects the complex of famine-leading economic measures announced by Nicolas Maduro and calls on the people to fight for national political changes," the parliament said in statement on Twitter.
Venezuela has been struggling with political and economic crisis amid a global slump in oil prices and US sanctions after Washington blocked its investors from buying Venezuelan debt and prohibited dealing in Venezuelan digital currencies.
According to the forecasts of the International Monetary Fund (IMF), the inflation in Venezuela may reach 1 million percent in 2018.
