Venezuelan President Nicolas Maduro on Monday Jan 14,2019 pledged the creation of a "new monetary system" in defiance of what he called "the criminal dollar", and also announced a 300 percent increase in the minimum wage.
The new monetary system will be based on Venezuela's cryptocurrency, the petro, and will focus on strengthening and protecting the bolivar currency, Maduro told the Constituent Assembly after it confirmed him as president following a controversial swearing-in ceremony last week.
The minimum wage went from 4,500 bolivars to 18,000 bolivars (around $6.52), the first rise this year.
In 2018, the minimum wage was raised five times
The new monetary system will be based on Venezuela's cryptocurrency, the petro, and will focus on strengthening and protecting the bolivar currency, Maduro told the Constituent Assembly after it confirmed him as president following a controversial swearing-in ceremony last week.
The minimum wage went from 4,500 bolivars to 18,000 bolivars (around $6.52), the first rise this year.
In 2018, the minimum wage was raised five times
Sworn in for a six-year term on January 10, Maduro has faced growing international sanctions since winning re-election last May in a vote widely considered fraudulent by the opposition and international community.
This has cut Venezuela off from foreign financing and left his government with few friends abroad.
Critics in the US and Latin America, as well as political opponents at home, have called Maduro a dictator whose failed state-led policies have caused Venezuela's worst ever economic crisis.
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