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News: Economy

ALBA and PetroCaribe Launch Common Economic Area to Fight Poverty

The Venezuelan delegation, including Maduro (centre) at the ALBA-Petrocaribe summit yesterday (Minci)

The II Summit of the Bolivarian Alliance for Our America (ALBA) and Petrocaribe took place in Caracas yesterday. It focused on creating a “special complementary economic zone” between the member countries of both alliances in order to eradicate poverty in the region.

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Venezuela’s Maduro Signs Decrees to Promote Savings and Labour Stability

Venezuelan president Nicolas Maduro has passed a series of economic measures to protect job stability and savings. (prensa presi

Venezuelan president Nicolas Maduro passed a series of economic decrees to protect job stability and savings on Wednesday.

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Following Huge Car Industry Speculation in Venezuela, Maduro Permits Dollar Car Import Bank Accounts

Maduro signing decree 625 last night (Prensa Presidencial)

From today, Venezuelan citizens and residents who have legally acquired dollars will be able to open foreign currency accounts in public Venezuelan banks. They will also be able to use those accounts to purchase cars overseas, following a decree that President Nicolas Maduro signed yesterday.

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Venezuela’s Maduro Announces More Moves against “Parasitic Bourgeoisie”

Venezuelan president Nicolas Maduro (archive)

Venezuelan president Nicolas Maduro announced a raft of new regulatory measures over the weekend as part of his ongoing “offensive” to deal with the country’s economic problems.

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Venezuelan Authorities Reject Predictions of Dollar Shortage

BCV president Eudomar Tovar (Fausto Torrealba/ AVN/ Reference)

The president of Venezuela’s Central Bank (BCV) has rejected negative forecasts of Venezuela’s ability to meet foreign currency obligations, arguing yesterday that operational international dollar reserves are “in normal conditions”.

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Maduro Defends Venezuela's Q3 Performance

Maduro has stated that Venezuela faces a “fictitious crisis”, and predicted a fall in inflation this month (archive)

Venezuelan President Nicolas Maduro has defended his country's economic performance after the central bank put third quarter GDP growth at a lower than expected 1.1%.

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Venezuelan President Maduro Passes First Laws with Decree Powers

President Nicolas Maduro yesterday passed two laws to “reorder” the Venezuelan economy and combat the economic problems the

President Nicolas Maduro yesterday passed two laws to “reorder” the Venezuelan economy and combat the economic problems the country has been experiencing this year.

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Joint Venture Inked Between Venezuela and Samsung

Venezuela's new deal with Samsung is part of a government push to increase domestic productivity and lower the cost of elec

The Venezuelan government and Samsung Electronics have announced a joint venture, with the South Korean electronics giant investing US$50 million in an assembly plant in the Andean state.

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Venezuela's Legislature Gives Maduro Decree Powers to Fight Corruption and “Economic War”

Thousands of supporters rallied in Caracas following Tuesday's vote (Prensa Presidencial)

Venezuela’s National Assembly granted President Nicolas Maduro on Tuesday the power to pass laws by decree on economic and anti-corruption issues for a period of 12 months.

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Maduro Administration Planning to Implement Profit Limits in Venezuela

An inspection of toy prices in retailer General Import by government authorities (Noticias 24)

The Venezuelan government is planning to implement profit limits across the economy as part of a crackdown on overpricing. 

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Venezuela's Maduro Condemns Newspapers that “Defend the Parasitic Bourgeoisie”

Maduro called on supporters to boycott private newspapers yesterday (Archive)

As the Venezuelan government continues to tackle speculative retail pricing, President Nicolas Maduro has urged supporters to boycott private newspapers.

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Venezuelan Government Continues Inspections of Overpricing Businesses

Queues outside one electronics stores forced to sell its products at fair prices (Últimas Noricias)

The Venezuelan government is continuing to inspect businesses that are overcharging for goods and has closed down over 50 websites that had been promoting the black market exchange rate.

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Venezuelan Government Action against Overpricing Welcomed by Citizens, Manipulated by Media

Clotilde Paomina with her new electrical goods purchased at prices forced down by the government, with members of her communal c

After clamping down on “grotesque” overpricing by electronics stores and proposing to set maximum profit margins, there have been some large queues outside such stores around Venezuela, while some shops have temporarily closed. The opposition and the private media have depicted the situation as “chaotic”, while the government has called on the organised grassroots to “guarantee order”.

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Maduro Strikes against Speculators, Proposes Profit Limits in Venezuela

Nicolas Maduro announced measures to be implemented this week against speculation and hoarding in a televised address to the nat

President Nicolas Maduro has proposed setting maximum profit margins for businesses across the Venezuelan economy following the discovery of “grotesque” overpricing in the electric appliance sector. 

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Venezuela's Maduro Goes on the “Offensive” With Package of Economic Reforms

Maduro announced a series of new economic reforms yesterday afternoon (AVN)

Venezuelan president Nicolas Maduro has announced a slew of policy reforms aimed at combating speculation and hoarding, along with the creation of new government institutions to regulate trade and oversee foreign currency exchange.

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