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Venezuelan real salary has fallen 89.9% by March

Tuesday, January 24, 2017

Venezuela: Socialist Food Rations Cost 25% Monthly Minimum Wage Salary

A socialist food distributor in Venezuela was arrested this week for keeping “faulty” food packages and selling them on the black market for 10,500 bolívars, about one-fourth of the state-mandated minimum wage monthly salary. While Delimar Ríos, former head of a local Zulia state council, pocketed the profits for herself, the official price of the packages distributed by the Local Committees for Supply and Production (CLAP) can go as high as 14,000 bolívars. According to conversion estimates by Dolar Today, which tracked the value of Venezuela’s bolívar separate from official government claims, 10,500 bolívars is worth an estimated $2.80, while 14,000 bolívars amounts to $3.73. More…

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