Musiccosmos

On Friday, Venezuelan President Nicolas Maduro announced a new single exchange rate for the bolivar that’s pegged to the Petro virtual currency. Under the new guidelines, one Petro would equal $60 dollars, which means the nation’s currency is essentially devalued by 96 percent.  Amid immense political and economic turmoil in the South American nation, Venezuelan President Nicolas Maduro recently proclaimed a variety of economic overhauls during a speech broadcast on state television. The socialist leader said he would boost the minimum wage by upwards of 3,000 percent, increase the corporate tax rate, and raise subsidized gas prices over the next few weeks. Maduro also made another big announcement related to the nation’s Petro virtual currency. He said one Petro would now be worth $60 dollars and be equivalent to 360 million Venezuelan bolivars. The new rate means one dollar will equal 6 million bolivars, which is a rate pretty close to what is seen on the black market. Ho...