Venezuela's President Nicolas Maduro announced Sunday the increase of the country's minimum wage by 30 percent. The move is an attempt to deal with the consequences of high inflation and the economic stagnation of the country.
The minimum wage in Venezuela was previously increased on March 1 by 25 percent.
With the realization of the new increase on May 1, the minimum wage will jump to VEB 15,051 per month which amounts to around USD 1,505 according to the official exchange rate, but is only USD 50 according to the black market exchange rate, which largely determines the prices of goods in Venezuela.
The country is experiencing a serious economic crisis and it depends mainly on oil export. Last year, Venezuela's economy marked a negative growth of 5.7 percent which led to a lack of basic products and a significant increase in prices.