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AmericasOctober 3 2016

Venezuelan banks battle to rise above inflation and FX woes

Sky-high inflation, a spiralling economy and a bleak foreign exchange environment in which the black market is thriving are presenting Venezuela's banks with one of the toughest tasks in global financial circles just to stay in business. Jason Mitchell looks at how those still standing are managing to cope.
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Venezuela’s banks are facing a daily struggle to support their customers in the face of astronomical inflation and an economy caught in a rapid spiral.

The South American country – with a population of 31.4 million people – is suffering from the most bleak economic circumstances on the planet, outside a warzone. This year’s catastrophic slump in gross domestic product (GDP) follows a 5.7% decline in 2015 and 3.9% in 2014, according to the International Monetary Fund.

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