Venezuelan President Announces New System of Wages and Prices

"We are heading towards normalization, to a country of stability with the Recovery, Growth and Economic Prosperity plan,"  Nicolas Maduro said.

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Logo of Venezuela's Petro cryptocurrency. (Archive)
Logo of Venezuela's Petro cryptocurrency. (Archive)

Venezuelan President Nicolas Maduro announced that August 20 will be a new bank holiday to ease the transition to the new currency named “Sovereign Bolivar.”

In a Monday press conference, Maduro stated that the country will begin a new economic system of wages and prices rooted in the Petro currency.

“This means a substantial improvement and a better stability of incomes of workers,” he said, “while setting a maximum price of sale for the public, which ought to be respected.”

"Basing Venezuelan salaries on the Petro will stabilize people's buying power; also, there will be stability in product sales. Speculation has ended, which helps all Venezuelans without distinction!" Maduro exclaimed.

“All the institutions linked with the systems of distribution and price” will guarantee “its effectiveness,” explaining that as the prices will be rooted in the Petro, “there won't be any excuse for speculation.”

“Venezuela will have two currencies, one being the Sovereign Bolivar, the other one the Petro. This will introduce a fundamental change,” he stated.

After a meeting with the ministers in the presidential palace, Maduro added that August 20 will become a new bank holiday in order to ease the transition to the new currency named “Sovereign Bolivar.”

According to Maduro, by 2020, “the nation will be able to recover economic and social stability and prosperity.” “We are building a new revolutionary and humanist economic thought, with a new strategic economy for a new economic model. On August 20, a new era will begin,” he added.

"In real time, Venezuelans will know the price of the Sovereign Bolivar and the Petro, made public by the Central Bank. Also, detailed explanations of the salary system and the prices based on the Petro will be forthcoming on August 20. Speculation has ended!" Maduro explained.

This Telesur article has been edited and adapted by Venezuelanalysis.

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