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News: Economy

Maduro Announces the Creation of the Communal Development Bank

Venezuelan president Nicolas Maduro. (AVN)

On Tuesday, President Maduro announced the creation of the Communal Development Bank and the Presidential Council of Popular Communes as a new structure to bolster local popular power.

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Fuel Trafficking Decreases 53% in Venezuela

Venezuela's Vice-President Jorge Arreza (Photo: Reuters)

Venezuela's vice-president Jorge Arreaza said on Saturday that fuel trafficking in the country decreased 53 percent during 2014. Government said the decrease is result of program “Zero trafficking”.

 

 

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Venezuela’s PDVSA Discusses Sale of Citgo as Central Bank Reports Drop in Inflation

A Citgo gas station in Chicago, USA. (Wikimedia Commons/Sdi-jr)

Yesterday the Venezuelan Central Bank reported that inflation has dropped steadily from 5.7% in May of 2014 to 3.9% in the month of August, representing 63.4% accumulated inflation since August of last year. Now under new management, state-owned oil and gas company PDVSA is reportedly seeking US$10 billion dollars for the sale of the Citgo Petroleum Corporation.

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Ecuador Proposes Anti-Transnational Summit in Venezuela as Maduro Confronts Low Productivity Levels

Ecuadorian president Rafael Correa (left) with foreign minister Ricardo Patiño and Nicolas Maduro. (AVN)

Tomorrow Ecuadorian foreign minister Ricardo Patiño will meet with the Venezuelan president in Caracas to discuss the creation of an official Observatory of Transnational Companies. Nicolas Maduro also plans to meet with private and public sectors of the economy.

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Maduro Creates Council To “Revolutionize" Food Production in Venezuela

Venezuelan farmers will benefit from the increased production network, Maduro said. (archives)

On Sunday, Venezuelan President Nicolas Maduro announced the formation of a presidential council of farmers, fishers and rural producers working alongside a state-run food distribution company, aimed at addressing nutrition, food scarcity, and rural production in Venezuela.

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63% of Venezuelans Support Government Measures to Fight Smuggling: Poll

Sixty three percent of the Venezuelan population supports president Nicolas Maduro’s measures to fight food smuggling, according to the most recent monthly survey.

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Maduro Announces 'Five Big Revolutions' in Venezuela, Overhauls Cabinet

Maduro announced a new stage of the revolution on Tuesday (VTV)

In declarations to the country on Tuesday night, Venezuelan president Nicolas Maduro announced what he described as "a new stage of the revolution", consisting of five designated areas of reform and a full-blown cabinet overhaul.

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15 Venezuelan Military Officials Arrested Amid Ongoing Anti-Smuggling Efforts

The officials were arrested in Táchira state (Correo del Orinoco)

Caracas, September 1st 2014 (Venezuelanalysis.com) – 15 members of the military, among them a captain and lieutenant, have been charged for facilitating the smuggling of gasoline and basic food items in Táchira state.

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Venezuelan Biometric System Sees Positive Results amid Opposition Boycott

A biometric scanner. (quepasa.com)

Now installed in 11 major supermarket chains nationwide, the biometric system initiated by the Venezuelan government to combat scarcity has produced immediate results. 

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Venezuelan Army Major Killed in Latest Wave of Anti-Smuggling Operations

Major Bracho was killed on Friday night (Photo: Radiomundial)

​The Venezuelan government has offered its condolences to the family of army Major, Raul Antonio Bracho Jaimes, after the high ranking army official was gunned down by ¨smuggling gangs¨ on Friday night.

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Poll Sees Conflicting Approval Rates for Venezuelan President Maduro

Nicolas Maduro (archive)

Two conflicting reports over the same data – a poll by the private firm Hinterlaces – have pegged Venezuelan President Nicolás Maduro’s approval rating at 60 percent and 39 percent, respectively.

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The Assault on Smuggling Continues on the Venezuela-Colombia Border

Small-scale smugglers simply drive over the border to unload their cargo, while large-scale operations are often conducted in is

“What we’ve discovered is much worse than we imagined,” said Venezuelan president Nicolas Maduro yesterday while outlining the latest results of new measures taken to prevent smuggling. 

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As Border Restriction Continues, Venezuelan Officials Cite Positive Results

In the largest cases observed so far, the Fanb detained boats containing 5,500 liters of fuel and 5.2 tons of meat along the Lim

A week into an operation closing Venezuela’s 2,200 km border with Colombia between 10 p.m. and 5 a.m., officials in the Venezuelan government have noted positive results in the prevention of contraband sales.

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In Effort against Contraband, Venezuelan Officials Implement Night-Closing of Colombia Border

According to figures from the Venezuelan state, smuggled goods across the 2,200 km border between the two countries include up t

In an attempt to combat rising border smuggling and contraband sales, Venezuelan officials have decided to close the border between Venezuela and Colombia between 10 p.m. and 5 a.m., a measure announced earlier this week.

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Warnings of Medicine Shortages in Venezuela

Spokespersons from the pharmaceutical industry in Venezuela have warned that shortages of medicines exist in the country’s pha

Spokespersons for the pharmaceutical industry in Venezuela have warned that shortages of medicines exist in the country’s pharmacies, and hope that recent foreign currency allocations for imports will improve the situation.

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