Venezuela’s currency is worth even less than previously believed, and President Nicolas Maduro – in what can only be called an act of extreme honesty – has ordered the National Bank to issue bolivars worth “less than zero.”
Like the “zero bolivars” issued only weeks ago and sold for 1,000 bolivars, the new less-than-zero-bolivars also feature Karl Marx but sell for 10,000 bolivars.
The bolivar – Venezuela’s national currency – has lost at least another 30 percent of its value since our last report. The end of the crisis is still nowhere in sight.
Maduro ordered the production of the new Karl Marx bills despite being unable to say exactly how much a “less than zero bolivar” is worth. The official exchange rate is currently 49,478 bolivars per U.S. dollar.
National Treasury chief Nelson Reinaldo Lepaje Salazar, who could not be reached for comment today, previously said “the people of the Bolivarian Republic of Venezuela will rescue each other with true Socialism.”
Reports indicate that President Maduro still thinks hyperinflation will be under control by the end of the year.