After announcing a 60-fold minimal monthly wage increase in August, Venezuela came forward with yet another idea.
Delcy Rodriguez, country’s vice president announced that starting next week Petro will be the only currency accepted as payment for passport fees. During the press conference on Friday, October 5th, Rodriguez explained that as of October 8th, all passport application fees will only be payable in Petro. The fees will also be higher – 2 Petros for a new passport and 1 Petro for a passport extension.
“In the case of Venezuelans who are abroad, until the first day of November the cost will be $200 for issuance and $100 for extensions,” – Rodriguez stated.
The increase in fees means that a new passport will cost an equivalent of 4 monthly salaries after the minimum wage increase to 0.5 Petro.
Crypto to fight inflation
Venezuela is battling a huge inflation. The country introduced a new currency in August – the bolívar soberano, which removed 5 zeros from the old bolivar.
The national cryptocurrency, Petro is supposed to help with the hyperinflation in the country. The IMF predicted the inflation rate to reach an incredible 1,000,000% by the end of 2018 in Venezuela. The new bolívar soberano has been tethered to Petro in an attempt to stabilise the currency.
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