Venezuela’s eye-watering inflation, hovering around 3,000 per cent, means that banks are loath to risk giving out loans in bolivars
CARACAS – Gustavo Martinez has a stable job as an engineer at an oil company in Caracas, but he can only dream of buying an apartment because Venezuela’s inflation, the highest in the world, has crippled real estate financing.
With banks not offering loans, would-be homeowners are expected to pay for property in a single or handful of installments, using wire transfers, cheques and even briefcases full of US dollars. Continue Reading
