Sina US Stock News reported on Russian satellite network on the 14th Beijing time that Carlos Larrazabal (Carlos Larrazabal), president of the Venezuelan Chamber of Commerce and Federation of Associations, said that the country has entered a phase of hyperinflation.

Venezuela's “El Nacional” (El Nacional) quoted Laranzabal as saying, “This is a tragic thing because we all suffer, and the president expands monetary liquidity to 900% every year, which is the main driver of inflation.”

He also said that under such circumstances, the Venezuelan authorities will still bring a new round of crackdown on commerce, forcing companies to cut product prices by 50%, which actually means that a large number of entrepreneurs have gone bankrupt.

He pointed out that this will also cause damage to agriculture. “We are growing 60% of what it used to be,” he said.

A few days ago, the Finance Committee of the National Assembly controlled by the Venezuelan opposition announced that as of December 1, 2017, the cumulative inflation rate would reach 1,300%, and the inflation rate for the full year of 2017 could reach 2000% to 2100%.

According to the “Dollar Today” (DolarToday) network, the Venezuelan black market exchange rate on December 9 was 95500 to 1 US dollarBolívarOn December 13, it reached 102,000 bolivars.