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News: Economy

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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Maduro Reacts to Normalization of US-Cuba Relations as Venezuela Sanctions Loom

Venezuelan president Maduro with Cuban leader Raul Castro. The two countries have been political and economic allies for 15 year

During a Mercosur summit held today in Argentina, Venezuelan president Nicolas Maduro called Barack Obama’s recent move toward normalizing US-Cuba relations “brave,” while the rest of the trade bloc released a statement condemning the US leader for approving sanctions against Venezuela last week.

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US Senate Passes Bill to Impose Further Sanctions on Venezuela, Maduro Blasts “Economic Blockade”

Senator Robert Menendez said the bill was an "unequivocal message" to the Venezuelan government (Getty Images)

Yesterday the United States Senate passed the Venezuela Defense of Human Rights and Civil Society Act of 2014 by voice vote, a bill that will impose further sanctions on Venezuelan senior government officials if passed tomorrow by Congress.

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Venezuela’s Maduro Cuts Spending in Face of Oil Glut, Starting with his Own Salary

President Maduro meets with Uruguayan leader Pepe Mujica in Caracas, on December 3rd. (AFP)

In an announcement made on Friday, Venezuelan president Nicolas Maduro pledged to slash spending in certain areas, such as senior government officials’ salaries, while swearing “we will never cut one bolivar of what we spend on education, food, housing... on our people.”

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Venezuela Puts $4 Billion China Loan in Foreign Reserves, Signs Major Oil Deal with Russia

Russian president Vladimir Putin (center) watches as Venezuelan Foreign Minister Rafael Ramirez (left) greets Rosneft president

In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.

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28 New Laws to Stimulate Production and Disarm Monopolies in Venezuela

Maduro signed the laws yesterday evening.  (Minci)

Yesterday evening, Venezuelan president Nicolas Maduro passed 28 laws by means of the enabling law, which permits executive action without Parliament approval. The bills, 16 of which were revealed in Tuesday’s promulgation ceremony, make up a comprehensive economic reform directed at industry, agriculture, tourism and tax revenue.

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