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President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

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Tue, 28/08/2018 - 14:06
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President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession
Cover image via U.Today
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From now on banks, public or private, have to report all financial data in Petro– this is the demand of the country’s regulator.

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This seems to be the result of the five-year recession and high inflation, and now the local authorities are doing its best to emerge from those. For this purpose, the local fiat coin, Bolivar, is being replaced with new “Sovereign Bolivars,” Petro-backed.

Maduro also, reportedly, intends to raise the minimum salary and petrol taxes.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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