These pictures show just how much cash Venezuelans needed to buy even basic goods

Aug 21, 2018

This article is published in collaboration with Quartz.

Before this week, Venezuelans needed stacks of cash to buy the most basic goods.

Image: REUTERS/Marco Bello

Edmund Heaphy

Reporter, Quartz

Our Impact

What's the World Economic Forum doing to accelerate action on Geo-Economics and Politics?

The Big Picture

Explore and monitor how Latin America is affecting economies, industries and global issues

Stay up to date:

Latin America

In a desperate bid to curb its runaway inflation rate, Venezuela has lopped five zeros from its currency. The move yesterday, which came along with a 95% devaluation of the currency—known as the “strong bolívar”—was also accompanied by a hike in gas prices and a 3,000% increase in the minimum wage.

A 2.4 kilogram chicken cost 14,600,000 bolivares ($2.22) before Venezuela slashed five zeros from its currency. Image: Reuters/Carlos Garcia Rawlins

New banknotes for the currency, now called the the “sovereign bolívar”, were introduced. The redenominated bolívar is now pegged to the petro, a state-run cryptocurrency that doesn’t trade and some consider a scam.

A kilogram of tomatoes cost 5,000,000 bolivares ($0.76) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

In a more practical sense, though, the move will lighten the load. Before this week, Venezuelans needed stacks of cash to buy the most basic goods, as captured by a remarkable series of photos by Reuters. With the IMF predicting that inflation will hit 1,000,000% by the end of the year, this latest fix may not last very long.

A toilet paper roll cost 2,600,000 bolivares ($0.40) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

A package of sanitary pads cost 3,500,000 bolivares ($0.53) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

A kilogram of meat cost 9,500,000 bolivares ($1.45) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

A kilogram of carrots cost 3,000,000 bolivares ($0.46) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

Have you read?

A kilogram of rice cost 2,500,000 bolivares ($0.38) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

A kilogram of cheese cost 7,500,000 bolivares ($1.14) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

A kilogram of pasta cost 2,500,000 bolivares ($0.38) before Aug. 20. Image: Reuters/Carlos Garcia Rawlins

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.