The steady progression of Venezuela’s economy, which has been hurt by falling oil prices, is speeding up to a state of hyperinflation.

As reported by The Associated Press, Venezuelans have been in a rush to unload their depreciating currency, and this has in turn led to a devastating drop in the value of the Bolivar.

On Friday, DolarToday, a site which tracks exchanges made near the Colombian border, reported that the bolivar had in the preceding seven days lost a quarter of its value. The news spread quickly and by Friday afternoon Venezuelan currency was trading at around 420 bolivars per dollar, a figure which was down from 300 bolivars per dollar on May 14.

As a good number of Venezuelans see it, trading bolivars for dollars is their safest bet against inflation. In 2014 inflation hit Venezuela at 68 percent, and economists say that so far this year inflation has already gone past the triple-digit threshold.

According to a report by Barclay Capital Inc., government expansion of the money supply is the chief underlying cause of country’s state of inflation. The bank projected that the Bolivar could fall as low as 600 to the dollar this year, stating that, "We do not see any signal of change from the authorities but these risks should make them reconsider their policies."

President Maduro, whose administration has been hoarding dollars in an effort to combat falling oil prices, has accused DolarToday of having covert managers intent on creating an atmosphere of chaos. He promised to have these hidden managers arrested, saying, "We're going to put those people at DolarToday who are waging an economic war against Venezuela behind bars sooner rather than later."

Penning an essay on Venezuela’s coming economic woes for Forbes back in February, Nathaniel Parish Flannery said, “Venezuela’s currency, the bolivar, is overvalued and artificially propped up by an arcane system of currency controls.”