Reported about 1 year ago
Venezuela's monthly inflation dropped to 1% in June, the lowest in twelve years, as President Nicolas Maduro increases local dollar sales ahead of presidential elections. Despite previously experiencing hyperinflation, the government's strategy involves tight monetary and fiscal policies alongside the use of the US dollar. Maduro aims to secure an extended 11-year term as he faces elections on July 28. The central bank's dollar sales reached $441 million in June, totaling $2 billion in the first half of the year, with a boost from joint ventures of Petróleos de Venezuela SA with international oil firms like US-based Chevron Corp.
Source: YAHOO