"reservations" were sold by the Venezuelan government to obtain petros, no petros had been released by the Venezuelan government. On August 25, 2018, the National Superintendence for the Defense of Socioeconomic Rights (SUNDDE) reported that at least 200 people have been arrested and at least 500 businesses sanctioned for violating President Maduro's economic reforms. By January 2019, the monthly minimum wage was the equivalent of US$5.50 (Bs.S 18,000)—less than the price of a Happy Meal at McDonald's. Ecoanalitica estimated that prices jumped by 465% in the first two-and-a-half months of 2019. The Wall Street Journal stated in March 2019 that the "main cause of hyperinflation is the central bank printing money to fund gaping public spending deficits", reporting that a teacher can buy a dozen eggs and two pounds of cheese with a month's wages. Sovereign bolivar Following the introduction of the sovereign bolívar, inflation increased from 61,463 per cent on 21 August 2018 to 65,320 per cent on 22 August 2018. By 24 August 2018, the introduction of the sovereign bolívar had not prevented hyperinflation. According to inflation analyst Steve Hanke, between 18 August and 21 August 2018, the inflation rate increased from 48,760 percent to 65,320 percent. On 22 August, DolarToday estimated the free market exchange rate at Bs.S 71.20 per US dollar. AirTM's reported exchange rate was 75.6 VES/USD. By December 2018, four months after entry into circulation, the Bs.S 2 (about US$0.002 at that time), began being refused in shops and state banks, as its value has significantly declined since redenomination. , the estimated exchange rate is 2,700 VES/USD in Venezuela's free market according to DolarToday. The rate may vary for other references, with AirTM's exchange rate being 2,200 VES/USD. By June 2019, further inflation of the sovereign bolivar since redenomination has resulted in the entry of Bs.S 10,000, Bs.S 20,000 and Bs.S 50,000 banknotes into circulation effective on 13 June. The Central Bank of Venezuela said in a statement that the introduction of the new banknotes will "make the payment system more efficient and facilitate commercial transactions." The highest denomination banknote (Bs.S 50,000) is worth US$8 on the black market and is more than the minimum wage of Bs.S 40,000 per month. See also Hyperinflation in Venezuela Viernes Negro References Crisis in Venezuela 2018 in Venezuela Economic history of Venezuela 2010s economic history Economic reforms 2010s in Venezuela