WORLD_ Venezuela Devalues Currency and Hikes Wages, Stoking Fears About Instability

THE WALL STREET JOURNAL

WORLD - LATIN AMERICA

Venezuela Devalues Currency and Hikes Wages, Stoking Fears About Instability

The response to Maduro’s measures, meant to reassure the public, was one of alarm
By Kejal Vyas and Maolis Castro
Aug. 18, 2018 5:58 p.m. ET

CARACAS, Venezuela—Businesses closed, banks struggled with transactions and people scrambled to find fuel Saturday, signs of panicked and skeptical reactions to government measures aimed at stabilizing a faltering economy.

President Nicolás Maduro said he would raise wages by nearly 6,000% and would devalue the already-embattled currency by 96%, in a televised announcement late Friday.

A...

READ MORE: https://www.wsj.com/articles/venezuela-devalues-currency-and-hikes-wages-stoking-fears-about-instability-1534629512

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