Nowhere is inflation higher than in Venezuela. The central bank can't print the money fast enough. Venzuelan president Nicolás Maduro has taken emergency measures to print new banknotes in higher denominations.
President Nicolas Maduro said three parties which boycotted mayoral elections should be ineligible for future votes. He said the ruling party won at least 90 percent of the 335 mayorships.
Venezuelan voters are returning to polling booths, this time to select mayors in all of the South American state’s 335 municipalities. It is the last national election ahead of next year's presidential race.
The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. He said the "petro" will help combat the US' "blockade" against the oil-rich country.
The former oil czar has claimed he was removed for expressing "opinions" critical of the Venezuelan president. Analysts have warned of a growing purge as Nicolas Maduro gears up for presidential elections in 2018.
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