# Maduro launches the sovereign bolívar reconversion as real wages collapse Date: 2018 ## The fact On 20 August 2018 the government launched the “sovereign bolívar,” knocking five zeros off the currency and hiking the minimum wage during hyperinflation. Real wages continued to collapse. ## Context 2016–17 collapse sat as parent. Neighbouring IMF 9 October is a child estimate. He did not sit as every bank teller. 2016 GDP leak is a parent. IMF 9 October 2018 is a child estimate. Dollarization 2022 is a much later child. The President of Venezuela heads the national executive, commands FANB as commander-in-chief, appoints the cabinet, and can request enabling laws. He does not write an OFAC designation, an ICC Pre-Trial Chamber decision, or a Colombian migration statute. A CNE announcement is not an opposition acta and is not a Carter Center finding. Those three statuses stay on separate rows. An ICC investigation is not a conviction. An IMF figure is labelled as an estimate where BCV stopped publishing. Sanctions after 2017 and 2019 are an external causal factor; they do not erase the pre-2017 PDVSA-and-policy collapse. ## Evidence and sources Banco Central de Venezuela carries the official instrument or communique. Reuters records the same dated act independently. ## Significance The path is [income inequality](/drivers/income-inequality) and [public-debt sustainability](/drivers/public-debt-sustainability): a completed reconversion during hyperinflation that did not restore real wages. ## What is established and what is not Established: 20 August 2018 reconversion, independently reported. Not established: that inflation thereby ended that Monday, or a unique later IMF 1.37-million coefficient as this same instrument. What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions. The date is the date of this instrument, not a licence to back-date every later harm or benefit. BCV implemented. Minimum-wage hikes sat as a neighbour. IMF estimates are a later child print.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies Maduro launches the sovereign bolívar reconversion as real wages collapse, not a later speech about Maduro launches the sovereign bolívar reconversion as real wages collapse. Co-authors and later implementers named in Context remain on the file. Maduro launches the sovereign bolívar reconversion as real wages collapse on 2018-08-20 is not a licence to treat every later Banco Central de Venezuela communique as this same act. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. This dossier refuses to average Maduro launches the sovereign bolívar reconversion as real wages collapse into a personality. The contribution described on this Person row is limited to He announced the package. BCV implemented. Minimum-wage hikes sat as a neighbour. IMF estimates are a later child print. That limit is the alternative to treating office-holding as authorship of every later series. ## People - Nicolás Maduro: https://factrail.ai/people/nicolas-maduro ## Drivers - Income Inequality: https://factrail.ai/drivers/income-inequality - Public-Debt Sustainability: https://factrail.ai/drivers/public-debt-sustainability ## Sources - https://www.reuters.com/article/us-venezuela-economy-idUSKCN1L51F4 - https://www.bcv.org.ve/ ## Methodology https://factrail.ai/methodology Canonical: https://factrail.ai/facts/ve-income-2018