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How Venezuela imploded (update)
Planet Money
Embrace the Dollar, Revive the Economy
Venezuela's population decreased by 5% during the peak of hyperinflation, primarily due to emigration driven by a humanitarian crisis. Many emigrants began sending remittances back home, which played a crucial role in the country's economic turnaround. As the US dollar gained prominence, key sectors of the economy began to adopt it, signaling a shift in currency flow control, traditionally managed by the government. This shift catalyzed an easing of currency controls in 2019 and allowed citizens to use dollars for essential goods, restoring their ability to plan financially. The reliance on remittances became integral for the average Venezuelan, contributing significantly to the stabilization of the economy.
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