Venezuela is grappling with a massive plunge in its currency and triple-digit inflation, piling pressure on authoritarian President Nicolás Maduro as US warships sink alleged drug boats off the country’s coast.
The currency has dropped more than 400 per cent against the dollar in the past year. The IMF sees inflation hitting 270 per cent by the end of the year — the highest in the world. In 2024, 86 per cent of Venezuelans were in poverty, the Venezuelan Finance Observatory reported.
“We’re seeing an enormous demand for dollars that cannot be met,” said José Guerra, a professor of economics at the Central University of Venezuela. “Whether or not we’re experiencing hyperinflation depends on how you define it, but it sure looks like it.”
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