Venezuela money printing miracle: inflation over 740%

Inflation currency M2 Venezuela

huaerjiejianwen· 2017-04-04 21:19:04

if you want to move faster than the printing press, Venezuela is now ranked first in the world.

latest data show that in March, Venezuela's broad money supply surged 200% year on year, the fastest growth rate since the record in 1940, inflation in February is likely to be as high as 741%. Wall Street informative

has issued a document that Venezuela has stopped publishing inflation data for a year, now is the money supply data also become aggravated, even not updated. The Bank of China Central Bank's money supply index data has been stuck in February 24th. The data is updated once a week. So far, the government has completely stopped publishing all economic data. According to the central bank's previous data show that as of mid February, Venezuela's M2 money supply rose by nearly 180%.

Caracas (capital of Venezuela) business consulting firm Aspen director Aurelio Concheso said: "the Central Bank of Venezuela is more obscure, that the money supply is growing faster. And Reuters has said: the central bank and the Ministry of communications has not made any response on the matter. "According to the

Reuters on Monday (April 3rd) reported that after a month of" blank ", the Central Bank of Venezuela in late Friday suddenly released data show that as of March 24th, the country's broad monetary aggregates reached 13 trillion and 300 billion Bolivar, an increase of 202.9% last year, hit a record since 1940 the fastest growth speed. In contrast, the U.S. M2 currency increased by only 6.4% over the same period.

" as shown in the following table, with the M2 index soared, Venezuelan dollar black market will continue to increase the proportion of Bolivar.

although M2 data re released, but the official inflation data is still missing. At present, Venezuela is in a major economic crisis, millions of people suffer from food shortages and three digit hyperinflation. Venezuela's opposition controlled Congress accused the left wing of the government of the country's economy, and pointed out that in February this year, the inflation rate of 741%, in fact, the data may be higher.

M2 includes cash in circulation, corporate demand deposits, time deposits, deposits and other deposits. The rise in the index means that the flow of money is also rising exponentially. Coupled with the decline in the output of goods and services, resulting in further inflation in the country.

although Venezuela's economic form over the years is very simple, but the country's economy has never been so low. Reuters pointed out that the Venezuelan central bank website provides 5 different forms of money supply data. The data can be traced back to 1940, when Venezuela's main export commodities are oil. Since

Nicolas Maduro took over Venezuela, he first abolished the country 100 yuan Bolivar notes, making the cash shortage, people can not buy enough food and medicine, which led to riots and looting. However, Maduro explained: "the right wing is trying to destroy the government by hoarding goods, and the United States and other countries have conspired to bring me down. "

on Wednesday, the Venezuelan Supreme Court said that the opposition controlled Parliament was in a state of lawlessness, and withdrew the power of the opposition in congress. However, the international community's strong protest, and soon withdrew the ruling, the coup failed means that Maduro's ruling position has been precarious.

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