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News: Economy

Venezuela’s Central Bank Announces New Banknotes and Coins

Venezuela’s highest value banknote will go from 100 Bolivars to 20,000. 
 (Archive)

The new higher denomination notes and coins will gradually come into effect as of December 15. 

 

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Venezuelan Intelligence Services Arrest Credicard Directors

(Credibank.com.ve)

The company’s top management are accused of having deliberately promoted a system failure in their online payment services in a bid to destabilise the government. 

 

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Venezuelan President Reports “Cyber Sabotage” against Banking System

:Maduro tells the country to be on “permanent alert” in the face of the financial cyber attack. (VTV)

President Maduro ordered intelligence services to take “necessary actions” as citizens began to denounce difficulties with payment terminals and electronic banking platforms across the country. 

 

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Venezuela Grants 39 Permits to Local Communities for Orinoco Mining Arc

(Prensa Presidencial)

President Nicolas Maduro signed 39 permits granting local communities in Bolivar state access to the Orinoco Mining Arc. 

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Venezuela Authorizes Tourism Industry to Charge in Dollars, Avior Expands Air-fleet

Venetur Hotel. (archive)

The Venezuelan government authorized the tourism industry to charge in dollars provided they sell 60% of their earnings to the Central Bank at the floating exchange rate. 

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Venezuela’s Currency Takes Another Dive

The Bolivar (BsF) has lost over 40 percent since the start of November, according to unofficial exchange tracking website dolart

Venezuela’s beleaguered currency looked set Friday to lose around half its value in a month.

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Venezuela Launches "Indestructible Heart” Media Campaign

Youth in Coro, Falcon state form a heart to show their support for the campaign (Correo del Orinoco).

Communities and organizations across Venezuela have organized cultural and political events as part of the latest media campaign to defend Venezuelan sovereignty.

 

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Venezuela Mulls Suing JP Morgan over De Facto Economic Blockade

Venezuela's President Nicolas Maduro speaks during his weekly broadcast in La Victoria, Venezuela, Nov. 20, 2016 (Reuters).
The U.S. investment bank claimed that Venezuela's state oil company missed debt payments. The country hasn't missed payments since 2002.
 
 

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Economic Emergency Decree Extended in Venezuela

Venezuelan President Nicolás Maduro announces that the economic emergency decree will be extended for a period of sixty days (V

Venezuelan President Nicolas Maduro announced that the country’s economic emergency status will be prolonged for a period of 60 days. 

 

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Opposition and Government Reach Five Agreements for Continued Dialogue

Archbishop Claudio María Celli announcing the agreements of the dialogue process from the Gran Melia Hotel in Caracas on Saturd

The MUD recognized for the first time the existence of an economic war against the government, among other key agreements. 

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Venezuela Strikes Oil Deals Worth US$1.45 Billion

enezuelan Oil Minister Eulogio del Pino (left) and businessman Oswaldo Cisneros (right) signing the agreements on Friday. (VTV)

Venezuela’s state oil company PDVSA signed the financing agreements with the Indian government’s Oil and Natural Gas Corporation (ONGC) and local company Delta Petroleum on Friday. 

 

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Maduro Accuses Financial Institutions of Trying to Destabilise Venezuela

Venezuela's President Nicolas Maduro has accused international financial agencies of trying to destabilise his government.

Venezuelan President Nicolas Maduro accused international financial institutions of unfairly persecuting his country.

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Venezuelan Government Guarantees Food for the Holidays

Vice-president Carlos Faría and other Venezuelan officials during an inspection of containers at La Guaira Port, Vargas on Wedn

The Venezuelan government confirmed the arrival of 700 containers worth of goods for the December holidays with a further 900 more on the way. 

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Venezuelan Black Market Rate Surges to Over 1500 Bolivars per Dollar

Venezuela's parallel dollar has been on the rise in recent weeks. (Archive)

The latest depreciation of the bolivar is as much political as it is economic, says sociologist Gregory Wilpert. 

 

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Maduro and MUD Agree to Dialogue Agenda as Opposition Divisions Deepen

Venezuelan President Nicolas Maduro shakes hands with MUD head Jesus Torrealba at the onset of the talks. (Prensa Presidencial)

Popular Will and 15 other opposition parties boycotted the talks, calling on their supporters to march on Miraflores Thursday.

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