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News: Economy

Venezuela’s Maduro Unveils New “Economic Offensive”

Maduro reiterated plans to export one million barrels of oil per to China (AVN)

After meeting with Chinese foreign minister Wang Yi, Venezuelan president Nicolas Maduro outlined a “new offensive” for the Venezuelan economy, supported by three key objectives; to increase production, to eradicate scarcity and control speculation by enforcing fair prices. 

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Sidor, Venalum Ink New Deals Under Joint China-Venezuela Fund

Cabello announced that two CVG subsidiaries have signed new deals under the Joint China-Venezuela Fund (Sidor Press)

Venezuela's Sidor and Venalum have signed new agreements under the Joint China-Venezuela Fund, according to minister for industry José David Cabello.

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Venezuelan Central Bank Opens Dollar Trade as New Exchange System Introduced

On Monday the Venezuelan bolivar sold for an average of 51.86 bolivars to the dollar, according to data from the Central Bank’

On Monday morning Venezuela’s new SICAD II exchange rate system came into force, which authorities argue has helped to lower the value of the dollar on the black market.

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Venezuelan Central Bank Reports “Significant Deceleration” in Inflation

Ramirez has stated that Sicad II has already strengthened the bolivar on the black market, before it's even operating. (AVN

Venezuela's central bank has reported a slowdown in inflation, while vice-president of the economy Rafael Ramirez has claimed the country's latest currency exchange system has already decreased the value of the dollar on the black market – before it's even operational.

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Venezuela's New Currency Exchange System Based on “Supply and Demand”

Currency controls have been in place in Venezuela since 2003 (Venezuelanalaysis)

A third currency exchange system has been introduced in Venezuela in efforts to stabilise the value of the bolivar, called Sicad II, which will facilitate daily currency auctions at prices determined by “supply and demand”, according to Vice President for the Economic Area Rafael Ramirez.

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Protesters’ Vandalism Hits Venezuela's Public Purse

Environmental ministry offices on Monday (Ministry of Environment)

Millions of dollars worth of damages to public property may have been caused by a wave of violence across Venezuela, according to government sources.

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Venezuelan Workers Demand Nationalisation of Automotive Industry

An automotive worker's rally in 2007 (UNT)

Venezuelan automotive workers have slammed multinational car manufacturers for cutting back production in the country, while the country's largest trade union federation has called for the nationalisation of the industry.

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Inflation and Shortages Remain High in Venezuela

A breakdown of January's inflation by sectors (BCV)

Inflation and shortages remained high in January according to a report by the Venezuelan Central Bank (BCV), however levels of food shortages have decreased.

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Venezuelan Government Applies Law Limiting Costs, Prices and Profits

Karlin Granadillo, a top official of the government agency enforcing the new price law, said today that the maximum profit limit

 The period allowed for businesses to adjust their prices to the new Fair Prices Law ended today, with the government planning a wave of inspections to ensure the legal measure is applied. 

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Venezuela's Maduro: “I'm Determined to Make an Economic Revolution”

Maduro warned businesses that they have until next Monday to comply with the Law for the Control of Fair Costs, Prices and Profi

Venezuelan President Nicolas Maduro has stated he will take “the most radical measures to protect our people's economy” as a deadline for businesses to adhere to new price controls approaches.

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Venezuelan Government Blames “Import Mafias” for Alleged Paper Shortage

The Venezuelan government claims that sufficient dollars have been supplied for paper purchase, and instead blames paper import

International and local private media have accused the Venezuelan government of infringing “freedom of expression and information” by restricting newspapers’ access to official exchange rate dollars, and therefore their ability to import paper. The government however says the dollars have been supplied, and blames speculating paper import companies.

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Law Limiting Costs, Prices and Profits Comes into Force in Venezuela

A new law limiting costs, prices and profit margins across the Venezuelan economy came into effect yesterday. (AVN)

A law limiting costs, prices and profit margins across the Venezuelan economy came into effect yesterday.

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Venezuela Undertakes Controversial Overhaul of Currency Exchange Regime

Ramirez denied that the new measures constitute a devaluation when he announced that Venezuelan travellers will no longer be eli

The Venezuelan government has tightened access to its preferential currency exchange rate, and says it's considering changes to laws prohibiting the parallel currency market.

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Venezuela's Banks Increased Development Loans by 50% in 2013

Over 40% of bank loans in Venezuela went towards development projects in areas ranging from agriculture to tourism, according to

Agricultural loans, micro-financing and other financing for national development projects rose by 50.73% in Venezuela last year, according to the country's Superintendent of Banks (Sudeban).

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Venezuela's Maduro Increases Minimum Wage by 10%

Maduro (centre) announcing the minimum wage increase yesterday (Luis Bobadilla)

Yesterday President Nicolas Maduro announced a new minimum wage increase of 10%, to be applied as of this month.

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