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Devaluation

Venezuela’s Decision Not to Devalue Its Currency Raises Questions

José Khan, Director of the Central Bank of Venezuela (BCV) stated that Venezuela will not devalue the bolivar currency (El Univ

Cory Fischer Hoffman looks at the pressures facing the Venezuelan economy and the questions raised by the decision of President Nicolas Maduro’s government not to adjust (devalue) the country’s exchange rate in the near future.

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Who Is Devaluing and Why?

(archive)

Jacinto Dávila, writing for leftist website Rebelión, examines the Venezuelan government’s recent overhaul of the country’s currency control system.

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Large May Day Marches in Venezuela as Workers’ Law Comes into Effect

President Nicolas Maduro in the pro-government May Day march in Caracas today (AVN)

Today both pro-government and opposition supporters held large marches in Caracas, as well as smaller ones around the country, to mark International Workers Day. While government supporters celebrated a minimum wage increase and the labour law, opponents of the government demanded a “fair wage”.

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Venezuela's Devaluation Doom-mongers

Venezuela has changed the fixed exchange rate from 4.30 bolivars to the dollar to 6.30 bolivars to the dollar (Jorge Silva/Reute

Venezuela's recent devaluation has sparked quite a bit of discussion in the international press. The Venezuelan opposition has naturally framed it as desperate move to head off inevitable economic collapse.

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Venezuela: Notes on the Monetary Measures

(archive)

No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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Bolivarian Venezuela at the crossroads, Part 3: The Venezuelan economy: in transition towards socialism

The capitalist sector is growing faster than the public sector and is still predominant in Venezuela’s economy despite the nationalizations.

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Venezuela’s Chavez Announces Currency Devaluation, Two-Tiered Exchange Rate

Venezuelan President Hugo Chavez during his address to the nation, Friday (YKVE Mundial)

Venezuelan President Hugo Chavez announced a devaluation of the official exchange rate of the bolivar currency and the creation of a second rate denominated the “oil bolivar” for non-essential imports, in a nationally televised address on Friday.

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