Venezuelan President Nicolas Maduro says he is boosting the minimum wage 150 per cent to fight nagging inflation that he contends results from a relentless economic war being waged against his country.
Maduro announced the raise Thursday, calling it a correction to his economic recovery plan launched 100 days ago.
The boost brings the monthly pay most Venezuelan workers bring home to 4,500 bolivars. That’s about US$11 on the commonly used black market exchange.
He’s also raising Venezuela’s crypto currency called the petro by the same rate without explanation.
Despite having the world’s largest proven oil reserves, Venezuela is in the fifth year of an economic crisis worse than the Great Depression.
Maduro blames it on an economic war waged by the United States, comparing President Donald Trump to Adolf Hitler.
