Maduro's cryptocurrency to fare no better than Venezuela itself: analysts
Nicolas Maduro
Venezuela's President Nicolas Maduro  speaks during an event with supporters in Caracas  Venezuela December 1  2017.  Miraflores Palace/Handout via REUTERS
President Nicolas Maduro  on Sunday floated a plan to create the “petro” that would be backed by the world’s largest crude reserves  amid a crippling economic crisis worsened by U.S. sanctions that limit Venezuela’s capacity to borrow money.
Under the 15-year-old foreign exchange regime  state agencies receive dollars to import food and medicine at a rate of 10 bolivars  while private citizens now pay more than 108 000 per greenback on the black market. The black market rate has depreciated more than 99 percent under  Maduro .
Basic food and medical items are increasingly out of reach for most citizens  fueling malnutrition and preventable diseases.  Maduro  says the country is the victim of an “economic war” led by political adversaries with the support of Washington.
 Maduro  has not outlined the rules that would govern the proposed currency  including what rights its holders would have over Venezuela’s oil reserves.
[TGT]speaks during an event with supporters in Caracas  Venezuela December 1  2017.  Miraflores Palace/Handout via REUTERS
President Nicolas Maduro  on Sunday floated a plan to create the “petro” that would be backed by the world’s largest crude reserves  amid a crippling economic crisis worsened by U.S. sanctions that limit Venezuela’s capacity to borrow money.
Under the 15-year-old foreign exchange regime  state agencies receive dollars to import food and medicine at a rate of 10 bolivars  while private citizens now pay more than 108 000 per greenback on the black market. The black market rate has depreciated more than 99 percent under [TGT] .
Basic food and medical items are increasingly out of reach for most citizens  fueling malnutrition and preventable diseases.  [TGT]says the country is the victim of an “economic war” led by political adversaries with the support of Washington.
 [TGT]has not outlined the rules that would govern the proposed currency  including what rights [TGT] holders would have over Venezuela’s oil reserves.