Venezuela inflation falls below 1 million percent for first time since 2018: congress
CARACAS - Venezuela’s annual inflation dropped below 1 million percent in May for the first time since 2018, the opposition-run congress said on Monday, the result of the central bank restricting the domestic money supply.
The slowdown is the result of regulations requiring banks to keep a greater percentage of the bolivar currency in reserve, and because the central bank is issuing fewer new bolivars than in the past. Those figures show that the economy, which went into recession in 2014, contracted 22.5% in the third quarter of 2018 with respect to the same period a year earlier.
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