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News: Economy

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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Venezuela’s Maduro Extends Border Closure, Decreases Window for Swapping Old Currency

President Nicolas Maduro says the value of the BsF has been drained by criminal groups hoarding the currency abroad. (Prensa Pre

Venezuelan President Nicolas Maduro announced Thursday he had extended the closure of its land borders with Colombia and Brazil, and decreased the time window for Venezuelans to deposit old bills at the central bank. Meanwhile the value of the dollar on the black market appears to have plummeted as a result of the initiative. 

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Venezuelan Government Orders Reduction in Electronic Payment Taxes

Venezuelan Communications Minister Ernesto Villegas made the announcement on Tuesday. (Archive)

 The Venezuelan government announced Tuesday a two percent reduction in value added taxes paid in electronic transactions as part of an initiative to encourage less physical currency use.

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“Dólar Today” Admits Support for Venezuelan Opposition

Dólar Today logo. (Archive)

Dólar Today founder and current US resident Gustavo Díaz voiced support for ultra-right Venezuelan opposition leaders linked to anti-government violence and coups attempts. 

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Venezuela Shuts-Down Border with Colombia and Arrests Currency Smugglers

Women shows stacks of 100 Bolivar bills (AFP).

President Nicolás Maduro officially ordered a temporary border closure with Colombia Monday calling the decision “necessary” and part of the country’s attempt to crackdown on “mafias”. 

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Venezuelan Authorities Question Bank President over Cyber Attacks

BOD President Victor Vargas (BOD).

Víctor Vargas, head of Banco de Occidental Descuento, was questioned on Sunday, while Venezuelan press reports that Credbank shareholder Roberto Enrique Smith Perera has fled to Miami. 

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