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News: Economy

Venezuela’s Maduro Increases Teacher Salaries as AN Released Inflation Estimate

President Nicolas Maduro says the recent wage increases show his government's commitment to education. (Archive)

Venezuelan President Nicolas Maduro announced the implementation Thursday of a 15 percent salary increase for teachers nationwide.

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Venezuelan Opposition Threatens Goldman Sachs over $2.8bn Bond Deal

National Assembly head Julio Borges has threatened the Wall Street bank with non-payment. (Archive)

Venezuela’s opposition-controlled National Assembly has threatened not to pay US $2.8 billion in PDVSA bonds purchased by Goldman Sachs through a third party broker this week.

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Venezuela’s New Forex System Launches

(El Nacional)

Venezuela was set Thursday to hold its first currency auction under its newly reformed foreign exchange system, which the government says will be more transparent and effective than its predecessors.

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Venezuela's National Minimum Wage Increases by 60% on May Day

Venezuelan President Nicolas Maduro. (Reuters)

Venezuelan President Nicolas Maduro announced an increase to the minimum wage Sunday, which he said would help to shield workers' from the effects of the economic crisis in the country.

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Venezuelan Govt Hands $10.5m to Small Businesses Attacked by Opposition

Dozens of stores have been looted amid riots and anti-government protests. (Reuters)

The Venezuelan government announced plans Thursday to provide financial relief to more than 50 small stores and other businesses hit by vandalism and looting.

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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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