Venezuela Becomes ‘Dollarized’ as Citizens Seek Refuge in Alternative Solutions

Venezuela has been suffering from rapid inflation as the purchasing power of the sovereign bolivar has become near worthless. Over the last few weeks, Venezuelans have been dealing with blackouts throughout major cities, making credit card readers useless. Additionally, citizens are dependent on remittances from overseas and last month the country became ‘dollarized’ as more than 54% of all sales in the country were processed in U.S. dollars.

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Sales in Venezuela Have Been Dollarized

For years now the Latin American country of Venezuela has been dealing with one of the worst economic and political crises in modern history. A corrupt government and failed central planning have destroyed the Venezuelan economy, causing food and medicine shortages, nationwide blackouts, and millions of Venezuelans have been left in poverty. According to citizens, remittances stemming from friends and…