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News: Economy

Website “Dolar Today” Causing “Irreparable Damage” to Venezuela, says Owner of Forex Centre

A screen shot of the website's exchange rates: the first one is bolivars per dollar by wire transfer, the second is for cas

Carlos Dorado, Venezuelan entrepreneur and owner of one of the country’s longest standing currency exchange centres, ItalCambio, has launched a public plea to remove the website “Dolar Today” due to the “irreparable damage” which the website is causing to the national economy.

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Two Supermarket Executives Charged With Hoarding in Venezuela

Essential items were discovered in a warehouse belonging to the Dia Dia supermarket chain, February 2, 2015 (Photo: @VillegasPol

Two managers of the private supermarket chain Dia Dia were formally charged by the Venezuelan state prosecutor yesterday with the alleged crimes of boycott and destabilization of the economy.

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World Bank Rules in Venezuela's Favor, Rejects "Exorbitant Compensation" in Tidewater Nationalization Case

ICSID rules in favor of Venezuela in Tidewater case in Lake Maracaibo  (RNV)

The International Center for Settlement of Investment Disputes (ICSID) of the World Bank ruled in favor of Venezuela on Monday, rejecting the "exorbitant compensation" demanded by Tidewater.

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Venezuela Makes Debt Payment Despite Talk of Default

President Nicolas Maduro made the debt announcement on Monday during a meeting in the presidential palace March 16, 2015 (Photo:

The government of Venezuela serviced its debt with a US$1 billion payment Monday, debunking myths that the country is on the verge of a default.

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Extreme Poverty in Venezuela Drops to Record Low

More than 36,000 Venezuelans escaped extreme poverty in 2014. (AVN)

The level of extreme poverty in Venezuela dropped to a record low of 5.4 percent in 2015, Social Development Minister Hector Rodriguez said Monday.

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Venezuela’s New Forex System Sees Steady Results

(Stock)

The new foreign exchange mechanism Simadi, introduced by the Venezuelan finance minister on February 10th, has so far seen promising results. 

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Venezuela Announces New Currency Exchange Mechanism Based on “Supply and Demand”

The measure officially comes into effect this Wednesday (Aporrea).

The Venezuelan Central Bank has announced the creation of a new currency exchange entity known as SIMADI, which will allow dollars to be sold and purchased legally according to “market rates”. The new mechanism will operate alongside SICAD I and SICAD II, which will continue to sell dollars at an exchange rate set by the government. 

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Maduro Entertains Raising Gas Prices But Rejects Devaluation of Venezuela´s Currency

President Nicolas Maduro addressing to the Venezuelan legislature, he announced slight changes to monetary policies and the need

On Thursday, Venezuelan President Nicolas Maduro made a much-anticipated address to the Venezuelan legislature in which he announced slight changes to monetary policies and the need to raise the extremely low cost of gasoline in the country.  He also announced a 15% increase in the minimum wage and increased investment in education and housing.

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Venezuela Commemorates Uprising with March against Economic War

A supporter of Venezuela's President Nicolas Maduro holds up a picture of late president Hugo Chavez (PHOTO: Reuters)

Venezuelan leftists and government supporters will march in Caracas this Jan. 23, a symbolic date for Venezuelan democracy, a municipal mayor of the city has announced.

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Venezuelan Officials Seize Warehouse with Enormous Cache of Hoarded Items as Opposition Calls for Strike

A warehouse full of basic goods was seized in the Industrial Zone of the municipality of San Francisco in the state of Zulia bel

Following increased buying during the holiday season, Venezuela is facing shortages in food, basic goods, such as diapers and laundry detergent, medicine, and automotive items. As lines to purchase goods, especially at state-subsidized markets, have continued to grow, opposition leaders called for a nationwide strike on Monday- which was widely ignored.

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Venezuela’s Maduro Secures Support from Iran & Qatar in the Face of Oil Glut

Venezuelan president Nicolas Maduro (right) and Iranian president Hassan Rouhani met in Tehran on Saturday. (TeleSUR)

While visiting with Iranian president Hassan Rouhani in Tehran, Venezuelan president Nicolas Maduro said Saturday that plummeting oil prices are the product of a “geopolitical war.”

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China Commits $20 Billion to Venezuela at First Latin America-China Forum in Beijing

Xi Jinping, the Chinese president opened  the China-CELAC Forum by pledging US$250 billion in new investment in Latin America

President Maduro announced that China has agreed to invest 20 billion dollars in Venezuela following the China- Community of Latin American and Caribbean States (CELAC) meeting in Beijing. Venezuelan officials hope that increased Chinese investment will offset some of the shortfalls in the Venezuelan economy due to decade-low oil prices.

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Maduro Signs Major Deals in China as Venezuela Strives to Meet Heightened Consumer Demands

Nicolas Maduro and Xi Jinping in Beijing on Monday. (AVN)

Venezuelan president Nicolas Maduro shared “good news” from Chinese capital Beijing yesterday, after meeting with Chinese leaders and business owners to forge further pacts meant to mutually benefit both countries’ economies.

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Glimpses of New Monetary Policy in Venezuela as Maduro Seeks Support Abroad

On the informal market, dollars can be bought for roughly 170 Bolívares, almost 30 times the official (SICAD I) exchange rate (

President Maduro announced measures to address monetary policy in Venezuela, including appointing Economist Rocco Albisinni as the new President of the National Center of Foreign Exchange (CENOCOEX).

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Maduro Confirms Venezuelan Economy in Recession, Announces “Recovery Plan” for 2015

In a special press conference at Miraflores presidential palace in Caracas last night, President Nicolas Maduro said that signif

The Venezuelan government has published previously withheld data revealing that the economy entered a recession in the second quarter of this year. However President Nicolas Maduro said significant changes to Venezuela’s economic model were being planned and that an economic “recovery plan” would be implemented in early 2015.

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