2016, the bolívar fuerte saw its largest-ever monthly loss of value; the exchange rate reached 2,000 Bs.F per USD on 21 November 2016 and nearly 3,000 Bs.F per USD only days after. On 29 November 2016, the exchange rate surpassed 3,000 Bs.F per USD. In the month preceding 28 November 2016, the bolívar fuerte lost over 60% of its value. On 26 January 2018, the government retired the protected and subsidized 10 Bs.F per USD exchange rate that was highly overvalued following rampant inflation. On 5 February 2018, the BCV announced a devaluation, with the exchange rate going to 25,000 Bs.F per USD. This made the bolívar fuerte the second least-valued circulating currency in the world based on the official exchange rate, behind only the Iranian rial. Between September 2017 and August 2018, according to the informal exchange rate, the bolívar fuerte was the least-valued circulating currency in the world. The official exchange rate stood at 248,832 Bs.F per USD as of 10 August 2018, making it the least valued circulating currency in the world based on official exchange rates. In June 2018, the government authorized a new exchange rate for buying, but not selling currency. On 13 August 2018, the rate was 4,010,000 Bs.F per USD according to ZOOM Remesas. Minimum wage The minimum wage in Venezuela dropped significantly in dollar terms during Maduro's presidency. It decreased from about 360 per month in 2012 to $31 per month in March 2015 based on the weakest legal exchange rate. On the Venezuelan currency black market, the minimum wage was only $20 per month. In April 2014, President Maduro raised the minimum wage by 30%, hoping to improve citizens' purchasing power. According to El Nuevo Herald, most economists said that the measure would only help temporarily due to the official inflation rate being over 59%, and that the wage increase would only make things more difficult for companies, since they already faced a shortage of currency. In January 2015, the government announced that the minimum wage would be raised by 15%. On 1 May 2015, President Maduro announced that the minimum wage would increase by 30%, including 20% in May and 10% in July. The newly announced minimum wage was about $30 per month at the black market rate. In August 2018, following the release of a new currency, the minimum wage was raised from 392,646 Bs.F to 180 million Bs.F