Weekly Report - 28 March 2018 (WR-18-12)

Venezuela’s President Nicolás Maduro has defied US sanctions slapped on the petro, the much-trumpeted cryptocurrency launched by his government to try and escape the country’s financial and economic crisis. Refusing to accept that the US action meant the petro was stillborn, Maduro ordered the state oil company Pdvsa to start using the cryptocurrency, and announced the creation of four special economic zones to trade goods and services in it. Maduro also slashed three zeroes off the paper currency, holding aloft a new 100 bolívar note. There were no accompanying monetary reforms to try and arrest the runaway inflation which will soon put the zeroes back on.