Venezuela’s Currency Devalued By 96% as Maduro Announces New Crypto-Pegged Forex Rate59.2

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.

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