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Thursday, March 2, 2017

Foreign Currency Reserves of Venezuela Drop To US$10.5bn


Most people are well aware the financial situation in Venezuela is precarious. The country has been struggling with money for quite some time. Just two years ago, Venezuela had US$20bn in foreign reserves. Today, that number has almost halved. It is evident the country will head toward financial collapse rather quickly unless something changes. All this can spell good news for bitcoin and cryptocurrency in the region, though. When foreign reserves dwindle, it is a clear sign that the country is running out of money. For Venezuela, this has been coming a long time after many years of inflation and recession. The way things stand right now, the country has US$10.5bn in foreign reserves left. Considering Venezuela owes US$7.2bn in debt payments, there is virtually nothing left to get through the rest of the year. More…

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