Hyperinflation strangles Venezuela's economy
As Venezuela's economy descends into chaos, its currency, the bolivar, has taken a big hit, with one town inventing its own money to get around hyper-inflation and the government developing a state-issued cryptocurrency to evade U.S. sanctions.
In perspective: The black market exchange rate currently sits at 230,941 bolivars to one U.S. dollar, per DolarToday. And Bloomberg is tracking inflation in Venezuela by using the price of a cup of coffee as an indicator. One café con leche is now priced at 80,000 Bolivars, reflecting 4,344% inflation over the last year.