Venezuela’s socialist miracle now has an annual inflation rate over 100,000 percent

Venezuela introduced a new currency on Aug. 20 as a hopeful solution to the country’s rapidly devaluing currency and skyrocketing inflation rates, but after just a few weeks, Venezuela is already seeing 100 percent inflation.

The Venezuelan government issued the new currency, called the “sovereign” bolivar, to replace the “strong” bolivar, NPR reported on the day of the rollout.

The new bolivar is worth about 100,000 of the old bolivars, and is pegged to the government’s cryptocurrency, the petro.

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