Venezuela, which once witnessed immense prosperity due to oil, has now come to terms of starving people. The economic condition of this country is getting worse day by day. Here the condition of inflation is that people fill bags and bags and take notes and bring them to the house in polythene hanging in their hands. According to a Bloomberg report, due to such a large devaluation of the note, this country is now planning to print large denomination notes.
Venezuela going to print 1 lakh note
It has been reported in this report that the Venezuelan government is now going to print a note of 1 lakh bolivar (its rupee). For this, 71 tons of security paper has been imported from an Italian firm. The firm is owned by Italian company Bain Capital, which exports security paper to many countries in the world. The custom report reveals that the security paper has been called for.
Half a kilo of rice will come in 1 lakh note
In Venezuela, if 1 lakh bolivar notes are printed, it will become the biggest denomination note. However, it will still cost only US $ 0.23. Only two kilos of potatoes or half a kilo of rice will be able to buy here for this rupee. The government there is planning to print big denomination notes to give ease to the people. By which common people will avoid carrying large amounts of cash.
Economy in recession for seventh consecutive year
Venezuela’s economy is in recession for the seventh consecutive year due to the Corona virus lockdown and the depletion of oil money. It is feared that the economy of this country will shrink by 20 percent by the end of this year. The economy of this country is getting worse due to corruption. At this time corruption is so high in Venezuela that you may have to pay bribe to walk.
Venezuela’s economy is steadily weakening
The condition of Venezuela’s economy has now become that the country has to buy goods by selling gold. Millions of people in Venezuela sleep hungry. Because they have no food to eat. According to a report, there are about 700,000 people in Venezuela who do not have the money to buy food for two times. The United Nation Food Program Agency said in February that one in every three citizens of Venezuela did not have food to eat. In the present time, due to corona, the situation has become worse.
Venezuelans leaving the country
According to the report, after 2013, about 3 million people have left their country and have taken refuge in neighboring Brazil, Cambodia, Ecuador and Peru. The situation is so bad that these countries have deployed their troops along the Venezuelan border. At present, this is the largest displacement in any country in the world.
Who is the real president of Venezuela? The world does not know
As of today, it is not clear who is the President of Venezuela. The results of the presidential election came here in early 2019, in which the ruling Nicolas Maduro won the election, but he was accused of manipulating votes. Maduro had Khuan Goido, who became the Leader of the Opposition in Parliament this month, in the election. Till this time no one knew him in World Politics, but today he is calling himself President. Maduro refused to step down after the election results, while Goido says he has the constitutional right to become interim president until the next election.
Why did venezuela have such a situation
Venezuela was once the richest country in Latin America. Reason, it has more oil than Saudi Arabia. There are also gold and diamond mines, but the economy rests entirely on oil. 95% of the government’s income continued to be from oil. Hugo Chavez, who became president in 1998, made many changes in the country’s system to remain in the chair for a long time. Apart from government and political changes, Chavez governmentized the industries, made a protest against the private sector, took a lot of debt wherever there was less money and gradually the country drowned in debt. Chavez became the Messiah by spending money from the oil companies openly on the needy sections, but the Venezuelan economy became termite.
Such a bad situation
In 2013, Chavez chose Maduro as his successor, who inherited a large debt. Politics was at its peak, with oil prices also falling. When oil became cheaper and income decreased and poverty increased, Maduro dropped the price of currency. Nothing was done with this step, but inflation definitely started increasing. The pocket of the public was getting lighter than before, now it started kicking on its stomach. From here the economic and political division of the country started happening.
Major problems of venezuela
Currency price event, power outages and basic necessities being expensive. Venezuela uses a lot of hydro-power. Electricity production fell here due to drought in 2015. The power crisis had increased so much that in April 2016, the government decided that from now on, government offices would run only on Mondays and Tuesdays. National Assembly figures show that the inflation rate has gone up to 13,00,000% in the last one year.