James Alexander Michie: Confusion grows in Venezuela | CBC News

CBC News

Author: James Alexander Michie

To combat the crisis in Venezuela which Nicolás Maduro claims to be due to a supposed “economic war” led by Colombia and the United States, the Venezuelan government takes a new step to abate that war and likewise establishes in the nation a new monetary system, which has caused some confusion among Venezuelans.

The Venezuelan currency was known as Bolivares Fuertes but now with the measure by the government is known as Sovereign Bolivares, likewise in the new monetary system the five zeros have been eliminated to the figures belonging to the previous system, ie according to The new system, previously known as five million Bolívares Fuertes, is now known as five Sovereign Bolívares.

It is important to note that the new system has brought with it a sense of order or stability for those Venezuelans who still remain in the country or for the growing number of people who have fled their economic and political crises.

Living in Venezuela is a complete chaos, there are many problems that Venezuelans go through, an example of this is that when buying food, they have a different price because of the way they are paid, if they pay in cash it is usually more economical but if they pay with debit/credit card or bank transfers are established with a higher cost. Coupled with this, Venezuelans do not have cash because it is almost impossible to acquire, to achieve it, citizens must make long lines and wait for their turn to obtain a specific amount and low to the day, which only reaches to pay the 5-day urban passage if the person uses public transport only 2 times, that is, a passage to a certain destination and a ticket to return home.

It is understandable that Venezuelans flee their nation in search of stability, security and above all tranquility, in fact it is possible that Venezuela has positioned itself with the largest displacement of people in the modern history of South America, about seven percent of the maximum population of Venezuela of 32.8 million had left in June, about 2.3 million in total, according to the UN. The outflow of population from Venezuela to the rest of the world more than doubled between 2015 and 2017.

Similarly, the UN Ambassador in the United States, Nikki Haley has been horrified by the current crisis and also expressed: “Something is very wrong when the citizens of an oil-rich country have to go begging in the streets Colombian women to feed their children”, he added “That something is the corruption of the Maduro regime”.

Take a read: https://www.cbc.ca/news/world/venezuela-currency-woes-1.4818373

Source: CBC News

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