Maduro Raises Petro’s Value By 150 Percent Amid Ongoing Inflation

Venezuelan president Nicolas Maduro has raised the reference value of the national cryptocurrency, Petro, against the background of the country’s ongoing hyperinflation, the president’s official Twitter tweeted Nov. 30. According to major Latin American television channel TeleSur, Maduro first announced the new Petro rate on Thursday. Nov. 29. The value of the Petro is now set at 9,000 sovereign bolivars, instead of the previous 3,600 bolivars. Speaking in Caracas that day, Maduro also ordered an increase in the monthly minimum wage by 150 percent, which is the sixth increase in…