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VENEZUELA-ECONOMY/
RTS1XQY0
August 17, 2018
Jittery Venezuelans on Friday rushed to shops and formed long lines in preparation for a monetary overhaul...
Caracas, Venezuela
The Wider Image: Venezuelans rush to shops before monetary overhaul
Jittery Venezuelans on Friday rushed to shops and formed long lines in preparation for a monetary overhaul that will remove five zeros from prices in response to hyperinflation that has made cash increasingly worthless. Shoppers sought to ensure their homes were stocked with food before the measure decreed by President Nicolas Maduro takes effect on Monday, on concerns that confusion among merchants and overtaxed banking systems could make commerce impossible. Inflation hit 82,700 percent in July as the country's socialist economic model continues to unravel, meaning purchases of basic items such as a bar of soap or a kilo of tomatoes require piles of cash that is often difficult to obtain. Buying one kilo of cheese, worth the equivalent of $1.14 at the most widely used exchange rate, requires 7,500 notes of 1,000 bolivar denomination - a note that was only brought fully into circulation in 2017. REUTERS/Carlos Garcia Rawlins SEARCH "GARCIA ECONOMY" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES. TPX IMAGES OF THE DAY. Matching text: VENEZUELA-ECONOMY/
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