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News: Economy

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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Venezuela Recalls 100 Bolivar Note in Clampdown on Speculation

President Maduro announced the move on Sunday. (Prensa Presidencial)

Venezuelan President Nicolas Maduro announced Sunday that his government would be removing its 100 bolivar banknote from circulation in a crackdown on cross-border currency speculation. 

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Venezuela to Cooperate with UN in Importing Medicines

Foreign Minister Delcy Rodriguez meets with representatives from UN agencies. (@vencancilleria)

Venezuela held meetings with top international agencies on Thursday with the aim of coordinating efforts to guarantee access to key imported medicines in the South American country. 

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Seized Toys in Venezuela to Be Given to Poor Children

These toys will be redistributed to poor Venezuelan children for Christmas. (Twitter / Superintendencia Nacional para la Defensa

More than 3 million toys were seized from two warehouses which will be delivered to poor children before Christmas Day.

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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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