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News: Economy

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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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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