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News: Economy

Venezuelan President Calls for Dialogue With Private Sector, “Special Economic Zones” and Streamlined Currency Exchange

Apr 26th 2013

Maduro in Maracaibo, Zulia state yesterday (Prensa Miraflores)

The Venezuelan government hopes to encourage  more foreign investment and a better relationship with the business community, President Nicolas Maduro stated yesterday.

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Venezuelan Government Declares Temporary State of Emergency in Electricity Sector

Apr 24th 2013

Venezuelans pay around 12Bs per month for residential electricity bills (archive).

Venezuela's government declared a state of emergency in the national electricity system yesterday. It will last for 90 days, and aims to attend to increased demand and protect electricity infrastructure from sabotage.

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Both Candidates Promise to Raise Venezuela’s Minimum Wage

Apr 11th 2013

Capriles (left) and Maduro (right) campaigning (Noticias24)

Both candidates for president in Venezuela’s upcoming elections have promised to raise the nation’s minimum wage if they are elected on Sunday.

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Venezuelan Government Expands Battle Against Currency and Price Speculation

Mar 29th 2013

Thomas Coex / AFP / archive

The Venezuelan government has announced a number of measures in recent days to combat currency and price speculation, both of which have become increasingly problematic in recent months.

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Venezuelan Government Announces New Currency Exchange System

Mar 19th 2013

Finance minister Jorge Giordani (left) and president of the Central Bank, Nelson Merentes (middle) in the press conference today

Today members of the government held a press conference to inform the public about the new system for buying foreign currency. Called the Complimentary System of Foreign Currency Acquirement (Sicad), interim president Nicolas Maduro said it aims to “overcome the parallel market”.

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Venezuelan Government Increases Banking Sector’s Obligation to Fund Construction and Mortgages

Feb 15th 2013

The financial obligation applied to both state-owned and private banks (Minci)

The Venezuelan government has increased the banking sector’s financial obligation to fund construction and provide low interest mortgages as part of policies to broaden access to affordable housing. 

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Venezuela Announces Measures to Soften Impact of Devaluation

Feb 14th 2013

Vice President Nicolás Maduro during the inauguration of a subsidized supermarket on Wednesday (Prensa Miraflores)

Venezuelan government officials announced new measures in recent days to combat price hikes and speculation as a result of the recent devaluation of the exchange rate.

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U.S. Imposes Sanctions on Venezuela’s Cavim Arms Company

Feb 13th 2013

Cavim bullets (Union Radio)

The U.S. imposed sanctions on a state-owned Venezuelan weapons company after it traded with Iran, North Korea or Syria, the State Department said in a statement posted on its website.

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Venezuela Debates Currency Devaluation while Impact Remains Unclear

Feb 11th 2013

The government devalued the Bolivar by 32% last Friday (Ciudad CCS)

There has been much debate in Venezuela over the causes and likely consequences of last Friday’s currency devaluation, while the concrete political and economic impact remains to be seen.

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Trade between Venezuela and Colombia Back on Track

Feb 11th 2013

La Guaira Port, Venezuela (Agencies)

Trade between Venezuela and Colombia increased 40.4% in 2012 compared with the previous year, Colombia’s customs and tax authority has reported.

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Venezuela Devaluates Bolivar Currency by 32%

Feb 8th 2013

Jorge Giordani and Nelson Merentes announced the measures (VTV)

The Venezuelan government has devaluated the official exchange rate between the Bolivar Fuerte and the US dollar by 32%, from 4.3 BsF to 6.3 BsF to the dollar.

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Venezuela’s Canaima Computer Project Progresses to Next Stage

Jan 28th 2013

(CaracasDigital.com)

One of the most successful projects of the government of Hugo Chavez took another leap forward last week, with the announcement that Venezuela is expected to produce 1,200,000 Canaima computers this year.

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Despite Shortages, Venezuelans Are Eating Better Statistics Say

Jan 21st 2013

The Venezuelan government distributes subsidized food through government-run supermarkets such as Mercal and Pdval (AVN)

Shortages of certain food items in Venezuela have generated much criticism in recent weeks, yet the National Institute of Statistics and government authorities assure that the country eats better now than before the Chavez government came to power in 1999.

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Vice-president Presents Venezuela’s Yearly Review, Some Opposition Walk Out

Jan 16th 2013

Vice-president Nicolas Maduro hands over the yearly review to national assembly president Diosdado Cabello (AVN)

Yesterday the vice-president handed over the yearly review of the national executive’s management to the national assembly. Some opposition members walked out during the proceedings, expressing their dissent.

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Venezuelan Government Meets with Private Industries to Combat Food Shortages

Jan 9th 2013

Pre-cooked corn flour found in Polar storehouses (VTV)

Following a situation of some minor food shortages, combined with a private media campaign to present the situation as more serious, Venezuelan government representatives have met with private producers in order to resolve the situation.

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