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Plastic bags filled with Venezuelan bolivar notes are seen on a currency trader’s table © Carlos Garcia Rawlins / Reuters
Venezuela heading for 1,000,000% hyperinflation – IMF
Venezuela is facing one of the worst hyperinflationary crises in modern history, according to the International Monetary Fund (IMF).
It expects the country’s economy to contract by 18 percent this year amid falling oil production – the third consecutive year of double-digit declines, and three points worse than projected in May.
“We are projecting a surge in inflation to 1,000,000 percent by end-2018 to signal that the situation in Venezuela is similar to that in Germany in 1923 or Zimbabwe in the late 2000s,” said Alejandro Werner, head of the IMF’s Western Hemisphere Department.
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https://www.rt.com/business/434082-venezuela-inflation-warning-imf/