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The IMF warned Venezuela of inflation of 1,000,000%

24.07.2018
Economy, Venezuela

Alejandro Werner, head of the Department of the IMF in charge of the Western Hemisphere, warned that the current financial policy of the Venezuelan authorities, constantly printing money to close the hole in the budget, will lead to huge inflation, reports Bloomberg.
According to Werner, what is happening in Venezuela is comparable to what happened in Germany in 1923 or in Zimbabwe in the late 2000s. If the case continues in the current vein, the country may expect inflation of 1,000,000%.

As noted by the financier, the economic crisis, hyperinflation, lack of goods and food have already led to a mass departure of people from Venezuela, which will subsequently affect the neighboring countries.

The Venezuelan authorities recognize the existence of the crisis, but explain it as an "economic war" by external and internal enemies. At the same time, with the worsening of the situation, state agencies stopped publishing statistical data.

According to independent experts, last year inflation in the country amounted to 60 000%, and over the last three months it increased to 300 000%.

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