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CONTENT: Venezuela's political crisis appears to be reaching boiling point amid growing efforts by the opposition to unseat the socialist president, Nicolás Maduro.

The South American country has been caught in a downward spiral for years with growing political discontent further fuelled by skyrocketing hyperinflation, power cuts and shortages of food and medicine.More than three million Venezuelans have left the country in recent years.
Some of the problems go back a long time. However, it is President Maduro and his predecessor, the late President Hugo Chávez, who find themselves the target of much of the current anger.
Their socialist governments have been in power since 1999, taking over the country at a time when Venezuela had huge inequality.But the socialist polices brought in which aimed to help the poor backfired. Take price controls, for example. They were introduced by President Chávez to make basic goods more affordable to the poor by capping the price of flour, cooking oil and toiletries.But this meant that the few Venezuelan businesses producing these items no longer found it profitable to make them. Critics also blame the foreign currency controls brought in by President Chávez in 2003 for a flourishing black market in dollars.Since then, Venezuelans wanting to exchange bolivars for dollars have had to apply to a government-run currency agency. Only those deemed to have valid reasons to buy dollars, for example to import goods, have been allowed to change their bolivars at a fixed rate set by the government.

With many Venezuelans unable to freely buy dollars, they turned to the black market.
Arguably the biggest problem facing Venezuelans in their day-to-day lives is hyperinflation. The annual inflation rate reached 1,300,000% in the 12 months to November 2018, according to a study by the opposition-controlled National Assembly.

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