Venezuela devalues currency by 95%, hikes minimum wage
Venezuelan President NicolÃ¡s Maduro has devalued the bolivar by 95% and raised the minimum wage ahead of the rollout of the 'sovereign bolivar' on August 20. The new currency will be pegged to the country's Petro cryptocurrency, now valued around $60 or 3,600 sovereign bolivars. The minimum wage will be set at 1,800 sovereign bolivars, Maduro announced.