CARACAS, Venezuela (AP) — Venezuela’s president says he is again raising the minimum wage, though it still will be below the equivalent of $2 a month as inflation soars in the crisis-stricken country.
President Nicolas Maduro made the announcement Wednesday before a cheering crowd of workers. It is the fourth such increase this year.
The boost brings the monthly pay most Venezuelan workers bring home to little more than 5 million bolivars. That is about $1.85 on the commonly used black market exchange.
Despite having the world’s largest proven oil reserves, Venezuela is in its fifth year of an economic crisis worse than the Great Depression.
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Maduro last raised the minimum wage in April, shortly before officials declared him the winner of a contested presidential election earning him a second term.