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Venezuela's Maduro Raises Minimum Wage by 30% Amid Rampant Inflation

© AP Photo / Ariana CubillosVenezuela’s President Nicolas Maduro
Venezuela’s President Nicolas Maduro - Sputnik International
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Venezuelan President Nicolas Maduro raised minimum wage by 30 percent amid high inflation hits the country's ailing economy.

MOSCOW (Sputnik) — The president announced Saturday that, as of May 1, minimum wage in the country would stand at 15,051 bolivars a month, or $1,512.

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"Do you think a right-wing president could do that? Only a Chavista president can defend wages and pensions," Maduro said as quoted by the EFE news agency.

In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years. Up to 96 percent of Venezuela’s budget depends on oil revenues.

In February, Venezuela's annual inflation rate passed the historic 180-percent mark in 2015.

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