MOSCOW (Pakistan Point News / Sputnik - 22nd August, 2018) Venezuelan Minister of Industries and National Production Tareck El Aissami stated that he had concluded agreements with representatives of 33 branches of the country's agricultural sector that agreed to freeze prices for their products, local media reported Tuesday.
According to El Universal newspaper, El Aissami held meetings with agricultural sector officials to "increase productivity in the country."
Frozen prices will be published on Wednesday, the publication noted.
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 the country's President Nicolas 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 publish 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.
Venezuela has been struggling with political and economic crisis, which includes a shortage of goods, galloping inflation and a fall in government revenues caused by a decline in oil prices.
According to the International Monetary Fund (IMF) forecast, inflation in Venezuela may reach 1 million percent in 2018.
