Venezuelan President Nicolas Maduro is raising salaries as he attempts to overcome major protests in his country.
Maduro said on his Sunday television show that the minimum wage will rise 50 percent starting this month.
Venezuela has the world's biggest oil reserves, but a collapse in energy prices has drained its revenues, prompting shortages of food, medicine and basic goods along with soaring violent crime and a stratospherically high inflation rate. A thousand dollars bought in local currency when Maduro was elected would be worth just $3 today.
Superdry Sport standalone stores to be launched by fashion retailer
The company said the Brexit vote last June and fluctuating exchange rates have had the most significant direct impact. Revenue was up 26% to GBP752.0 million from GBP597.5 million year-on-year, with like-for-like sales growth of 13%.
"Following the immoral campaign that fixes prices through a false dollar overseas ... we are going to put the handcuffs on ... the whole campaign of speculation", said Maduro on state television, adding that the rise would be effective retroactively from July 1.
There have been nearly daily protests against the government of President Nicolas Maduro for the past three months.
- France's EDF raises cost estimates for Hinkley Point
- NBA: Ibaka reste à Toronto
- Eric Besson va prendre la tête d'un club de football
- No surprise: Microsoft documentation refers to Windows 10 version 1709
- More Enforcement For No-Wake Zones
- " "Le jour où Neymar a eu " honte " devant Messi — FC Barcelone
- Small plane crashes in North Georgia; 4 dead
- Un désespéré tente d'attaquer un militaire — Lille
- Bank of England facing first strike from workers in 50 years
- BAE Systems share price: Group lands £3.7bn Royal Navy deal