Hyperinflation and the Impact on Venezuela

Editor’s Note: Today, we have our second quarterly blog issue from Adam Nathanson, a missionary who has served in South America and all over the world for three decades. In his blog, he shares about inflation—a topic we know all too well by now—only with a different perspective…

– Melody Stampley, Managing Editor

The people of Venezuela are resilient in the country of “The Liberator,” Simón Bolívar. 

They have known about revolutionary wars since fighting for independence from Spain in the 1800s. But with hyperinflation, it’s been even tougher these past seven years.  

We have watched this prosperous, oil-rich OPEC (Organization of the Petroleum Exporting Countries), one of 13, spiral out of control. Oil production has been reduced to a trickle over these past few years.  

Just 1 U.S. dollar equals about 545,775 bolivars, according to leading online encyclopedia Britannica. Venezuelan research consultancy Ecoanalitica estimated that more than half of transactions were in U.S. dollars in 2020. However, it is not the country’s official currency. 

Informal use of the dollar on the streets of course opens up the speculative black market and throws more wrenches into the already challenged economic scenario. And with salaries failing to keep up with the cost of living, and products and merchandise paid for in dollars, people must find ways to make up the difference by relying on side jobs or relatives sending money overseas.

This is the landscape that we find ourselves in when it comes to ministry and raising monies for churches to become self-sustained.  

In Luke 21:4, Jesus says, “but she out of her poverty put in all the livelihood that she had.” 

It is beautiful to watch the “widow’s mite” as people give from their lack and tight budgets. It’s a humbling experience for those of us who come from countries where offerings can be given from our surplus. 

Please keep this country and others going through similar experiences in your prayers. 

AUTHOR BIO

Adam Nathanson and his wife, Dianna, have served as missionaries, planting churches and Bible colleges for over 30 years. For 17 years, they have served in Venezuela teaching, training and equipping God’s people. They have served in Brazil, Cuba and across the globe since 1995. In April 2022, Adam became the president of Prayer Seminar Ministries, a global in-depth seminar reaching over 60 countries and teaches the importance of a proper and effective prayer life and demonstrates the spiritual impact every Christian can generate through prayer.

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