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President Nicolas Maduro raises Venezuelan minimum wage to US$6.70

By AP

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The Venezuelan currency has been hit by hyperinflation

(AP) — Venezuelan President Nicolas Maduro is boosting the minimum wage again amid the country’s relentless battle against hyperinflation.

Maduro presented his economic plans Monday at the start to his second disputed term, with increasing calls for him to give up power in the crisis-wracked country.

Though rich in oil, Venezuela is enduring a historic crisis as citizens struggle to afford basic goods and masses flee the country.

Maduro is raising the minimum wage by 300 per cent, bringing monthly salaries to roughly US$6.50. It’s a step he has taken a dozen times in the last two years.

Maduro says he also intends to dramatically boost oil production.

The president is under heightened pressure from opposition politicians and foreign leaders urging him to step down and return Venezuela to democratic rule.

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