Remittances to El Salvador are cheaper without using bitcoin
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Dollars And Sense: Smaller Cryptocurrency Prices Are Outpacing Bitcoin
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(Marco Bello/Reuters) Plus, some thoughts on equities and inflation.
Venezuela remains at the summit of my monthly list of the world’s top inflators those countries in which I measure the annual rates of inflation to exceed 25 percent per year. The country is still firmly in the grip of hyperinflation, with an annual inflation rate of 2,436 percent by my measure. That sky-high rate shows little sign of abating. Indeed, from November 12 until December 17, Venezuela registered 34 consecutive days in which the monthly inflation rate exceeded 50 percent.
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Faced with hyperinflation, Venezuelans prefer the greenback over the bolívar. As a result, I estimate that 80 percent of all transactions in Venezuela take place in U.S. dollars. Since the country has spontaneously “dollarized,” President Nicolás Maduro has begun to seriously consider official dollarization, something I recommended way back in 1995 when I was President Rafael Caldera’s adviser. I