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January 15, 2019 3:54 am
Venezuela’s Currency Crisis Deepens, Can Dash Come to the Rescue?
Once known as the richest country in Latin America because of its large oil reserves, Venezuela is now in the midst of a severe economic crisis. Its local currency, the bolivar, has lost nearly 98% of its value due to hyperinflation. The crisis began in 2014 following the global crash of oil prices. As of 2016, the country had an inflation rate of 800% and since 2017 the situation has rapidly deteriorated with prices doubling every month.