What happened to Venezuela currency?

Hyperinflation in Venezuela is the currency instability in Venezuela that began in 2016 during the country’s ongoing socioeconomic and political crisis. The rate reached 800\% in 2016, over 4,000\% in 2017, and about 1,700,000\% in 2018, and reaching 2,000,000\%, with Venezuela spiraling into hyperinflation.

When did Venezuela gain independence?

July 5, 1811Venezuela / Founded
The Congress declared Venezuela’s independence on 5 July 1811, establishing the Republic of Venezuela. Even before the Congress began its sessions in November 1810, a civil war started between those who supported the juntas, and eventually independence, and royalists who wanted to maintain the union with Spain.

Why did Venezuela change their currency?

The change for the bolivar, which has been made almost worthless by years of the world’s worst inflation, is intended to ease both cash transactions and bookkeeping.

Why did Venezuela become independent?

Seven of the ten provinces belonging to the Captaincy General of Venezuela declared their independence and explained their reasons for this action, among them, that it was baneful that a small European nation ruled the great expanses of the New World, that Spanish America recovered its right to self-government after …

How was Venezuela discovered?

Christopher Columbus sailed along the eastern coast of Venezuela on his third voyage in 1498, the only one of his four voyages to reach the South American mainland. This expedition discovered the so-called “Pearl Islands” of Cubagua and Margarita off the northeastern coast of Venezuela.

What happened to Venezuela’s oil production under Chávez?

A 2014 article by CNBC stated that under Chávez, oil production declined from 3.5 million barrels per day to 2.6 million barrels per day, though Venezuela only made a profit from 1.4 million barrels per day due to Venezuela giving large amounts of its oil away for free.

What was the unemployment rate in Venezuela when Chavez took office?

From 1999 through 2013, inflation dropped to its lowest levels in the country since the late 1980s; unemployment dropped drastically, following many years of increases before Chávez was elected. In 1999, when Chávez took office, unemployment was 14.5 percent; for 2011 it had declined to 7.8 percent.

What changes did Chavez bring to Venezuela’s new constitution?

The National Assembly changed it to six-year terms, with unlimited reelections, and extended these new parameters to governors and other elected officials. Chavez served as president for 14 years, until his death in 2013. Chávez holds a copy of his proposed new constitution in 1999. REUTERS The new National Assembly also reshaped the Supreme Court.

How did Chavez rise to power?

Chavez, who came to power in the wake of an oil crash that decimated Venezuela’s traditional parties, ramped up political patronage to a degree the country had never seen when crude prices suddenly began to soar again.