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News: Economy

PDVSA Boss Arrested for Sabotaging National Oil Supply

Long queues outside of gas stations last week. (Panorama Venezuela)
Senior management figure Marco Malavé (47) was charged with causing “irregularities” in the country’s domestic fuel market following widespread gas shortages last week. 

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Maduro Unveils Economic Reforms, Signs 48 Deals with Private Firms to Boost Production

Maduro presents economic announcements at the Venezuela Powerhouse 2017 Exposition in Caracas. (Prensa Presidential)

Among the measures is a revamped currency exchange mechanism as well as new executive orders to expand agriculture and mining.

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Venezuelan Finance Minister Assures PDVSA Will Pay Out 2017 Bonds

Economy Vice President Ramón Lobo. (@RamonLoboPSUV)

Minister of Finance, Industry and Commerce Ramón Lobo confirmed in an interview this week that Venezuela will meet its debt payments for 2017 in light of this year’s rise in global oil prices.

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Venezuela Expropriates Bakeries Accused of Price Gouging

Industry groups say the government isn’t importing enough flour to go around, though inspectors say supply shortages are exagg
Venezuelan authorities expropriated two bakeries Wednesday, after inspectors said the businesses were found gouging consumers.

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Venezuela’s PDVSA to Boost Gas Distribution

Venezuela has the world's eighth largest proven gas reserves. (AVN)

Venezuelan state oil firm PDVSA announced Thursday plans to partner with private company Gavenplast to boost domestic gas production and distribution.

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Venezuela’s Maduro Names New Central Bank President

Ricardo Sanguino. (Archive)

Venezuelan President Nicolas Maduro announced the appointment of a new head of the country’s Central Bank (BCV) Sunday following the resignation of current president Nelson Merentes, who occupied the position since 2009.

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Venezuela’s PDVSA Sees Lower Debt in 2017

PDVSA is the Venezuelan government's single largest source of revenue. (AVN)

Venezuelan state oil firm PDVSA revealed Friday it managed to reduce its debt obligations last year.

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Venezuela Signs Port Modernization Agreement with Texeira Duarte

Public Works and Ground Transport Minister Ricardo Molina signs the agreement with Texeira Duarte President Pedro Maria Texeira

The multi-million dollar deal will see the upgrading of the capacities of the La Guaira port in order to reduce loading and unloading times by an estimated 250 percent.

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2.75 Million New Banknotes Enter into Circulation in Venezuela

Venezuela's latest 20,000 banknote against the recently recalled 100 banknote featuring the image of Simón Bolivar (Archiv

Venezuelan Central Bank (BCV) Director José Khan confirmed that the country's new higher denomination bank notes had entered into circulation on Monday.

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Venezuela to Open Currency Exchange Houses Along Colombian Border

Currency exchange house. (Archive)

The eight new currency exchange centers are aimed at combatting the cross-border smuggling of Venezuelan bolivars. 

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Venezuela’s Maduro Highlights Social Achievements in Annual Address to the Nation

Venezuelan President Nicolas Maduro addresses the Supreme Court for his annual address to the nation. (AVN and Prensa Presidenci

Maduro said his administration had managed to expand social welfare provision despite facing a severe economic crisis.  

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National Minimum Wage to Increase 50% in Venezuela

Venezuelan president Nicolas Maduro announced the wage increase during his television programme “Sundays with Maduro” (AVN).

Venezuelan President Nicolás Maduro announced the latest wage hike on Sunday evening. 

 

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Venezuela’s Maduro Pushes Back Currency Deadline, Sees ‘Economic Expansion’ in 2017

President Nicolas Maduro says Venezuelans will now have until January 20 to use their BsF100 bills. (Prensa Presidencial)

President Nicolas Maduro again extended Thursday the window for Venezuelans to use their old BsF100 bills, just days before the currency was slated to be removed from circulation.

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Christmas Crackdown Continues for Venezuela’s Consumer Protection Agency

SUNDDE head William Contreras has alleged EPK was selling products at mark ups of over 500 percent. (SUNDDE/hand out)

Venezuela’s consumer protection agency isn’t wishing price speculators a merry Christmas.

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Maduro Extends Legal Circulation of 100 Bolivar Bills Until January

President Maduro announces the extension on Saturday night (Prensa Presidencial).

The president backpedaled Friday on a decision announced last week to withdraw the notes as legal tender, citing claims of "international sabotage". 

 

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