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Venezuela’s inflation to hit 1.37M% as Petro’s sale approaching, IMF predicts

15 Oct, 2018
by Fifi Arisandi
News
Venezuela’s inflation to hit 1.37M% as Petro’s sale approaching, IMF predicts

The IMF predicts that Venezuela’s inflation rate will hit 1.37 million per cent by the end of the year as Petro’s launching.

As the public sale date for the country’s official crypto approaching, the International Monetary Fund (IMF) predicts the inflation rate will soar high to 1.37 million per cent by the end of the year.

The country's native cryptocurrency, Petro is scheduled for a public sale on November 1st, following the initial use of the cryptocurrency for international transactions on October 1st.

While many doubt the cryptocurrency, starting from Reuters’ investigation that claimed it as non-existent to the latest statement coming from CEO of Ripio, Sebastian Serrano who said that it’s a scam, Venezuela’s president, Nicolas Maduro, who initiated the new currency and official cryptocurrency, believes that the strategy will result in a radical monetary change in the country’s economy. 

In a report by CCN, the IMF has increased the country’s inflation prediction multiple times in this year alone, from 13,000 per cent in January to 1 million per cent in July, along with the decrease in Gross Domestic Product (GDP) as much as 18%.

President Maduro is also reported to have increased the country’s minimum wage 24 times since the crisis started in 2013, which have caused many businesses in the country to close down.

The crisis has made cryptocurrency adoption in the country to surge. As reported recently by Chepicap, Bitcoin transaction in Venezuela set a new record of 1,143 BTC, while DASH claimed the country as their 2nd biggest market as they saw a huge increase in the use of DASH in the country.  

Many of Venezuela's citizens decide to flee from the country, and sadly, the world can only wait and see of what's going to happen in the country moving forward. 

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