Venezuela is now world's 5th largest equity market; m-cap near $3 trn mark

Despite political instability, the country's benchmark has been the best performer in the world

Venezuela has emerged as the world’s fifth-largest equity market in terms of market capitalisation (m-cap) even as the country reels under political turmoil.

The South American nation currently has m-cap of $2.7 trillion — bigger than developed markets like Germany, France and the United Kingdom.

The Venezuelan benchmark index IBC has surged nearly six times in 2017 in dollar terms — by far the best performing benchmark in the world.  

Not surprisingly, this exuberance is not on account of an economic miracle but a combination of hyperinflation and foreign exchange controls in Venezuela.

Ever since the death of iconic