After a soaring inflation and vanishing reserves of cash, many Venezuelan businesses have resorted to the primitive method of Bartering as well as opting to accept dollars and euros.
Venezuela officially entered hyperinflation near the end of 2016
Venezuela has one of the world’s largest oil reserves and was once one of the wealthiest countries in Latin America, but in recent years its economy has been consumed by runaway inflation, nearing the verge of collapse. Venezuela’s GDP has dropped considerably in recent years since 2014.
Economists predict that the country’s inflation rate will exceed 1,000,000% this year.
Additionally, nearly 90% of Venezeulans live in poverty, as rate likely caused by failed economic policies and falling global oil prices. Notably, the poor are the ones who suffer the most in times of inflation.