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Economy

Fixing the Exchange Rate System in Venezuela

Most of Venezuela’s economic problems can be traced to the country’s dysfunctional exchange rate system, argues Weisbrot (ar

When it comes to economic policy, the ideas of the public can matter a lot. Elected governments have to worry about being re-elected, and this is certainly the case in Venezuela, where the electorate is polarized and the last presidential election was close.

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The Silent Success Of Cooperatives In The Bolivarian Revolution

The CECOSESOLA (Cooperatives of Social Services of Lara State) food co-op consists of 538 worker-members who sell to 60,000 shop

Dada Maheshvarananda presents how cooperatives are a strong force of community empowerment that are transforming people's values from being self-centered to actively working for the common good in Venezuela.

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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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Maduro to Increase Gasoline Prices as Part of Economic Pact with Venezuelan Workers

1st Working Class Congress in Caracas. (AVN)

On Monday, Venezuelan president Nicolas Maduro approved 12 workers’ proposals aimed at increasing economic stability for working class families.

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Venezuelan Trade Union Congress Proposes Industrial and Economic Strategy

The closure of the Bolivarian Socialist Union of Workers (CBST) congress on 8 November (agencies).

Venezuela’s largest pro-government trade union federation will today hand President Nicolas Maduro a series of proposals for the greater industrialisation of the economy and strategies to overcome current economic difficulties.

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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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Five New Laws Passed to Provide Stronger Social Support and Undermine Corruption in Venezuela

Maduro announced five new laws that were passed via the Enabling Law (AVN).

President Maduro passed five new laws yesterday in an attempt to create a stronger social safety net in the face of ongoing economic difficulty within Venezuela. The five laws, encouraging employment, creating greater guarantees in existing social programs, strengthening the power of communal councils and community financing, and increasing the rate of food subsidies, were all passed via the Enabling Law, which allows the President limited lawmaking  for a temporary period.

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Venezuelan Coffee Plant Marks 5 Years since Nationalisation

Fama de America workers at an event to mark 5 years since the company’s nationalisation earlier this week (Angélica Barreto /

Venezuelan coffee company Fama de America this week marked five years since it was nationalised.

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Unasur Bids Maduro Seek Economic Solutions, Colombia Suspends Mercosur Visas to Venezuelans

Parliament of Mercosur Summit in Uruguay on Monday. (Prensa AN)

During a visit to Brasilia yesterday, Ernesto Samper, general secretary of Unasur (Union of South American Nations), bid the Venezuelan government settle internal matters and stimulate economic growth, in the interest of regional progress.

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