On Thursday, Venezuelan President Nicolas Maduro made a much-anticipated address to the Venezuelan legislature in which he announced slight changes to monetary policies and the need to raise the extremely low cost of gasoline in the country. He also announced a 15% increase in the minimum wage and increased investment in education and housing.
By Cory Fischer-Hoffman - Venezuelanalysis.com, Nov 15th 2014
Cory Fischer Hoffman looks at the pressures facing the Venezuelan economy and the questions raised by the decision of President Nicolas Maduro’s government not to adjust (devalue) the country’s exchange rate in the near future.
The head of Venezuela's consumer protection agency, Eduardo Saman, has slammed airlines for allegedly blocking consumers from purchasing cheap fares, and says penalties may be imposed.
Venezuelan authorities will install fingerprint devices in airports and other border posts to prevent foreign-bound Venezuelans committing a currency scam known as “the scrape”.
The second auction of US dollars under Venezuela's new foreign exchange initiative is a step towards ensuring the “necessary flow of the economy”, according to President Nicolas Maduro.
The Venezuelan government hopes to encourage more foreign investment and a better relationship with the business community, President Nicolas Maduro stated yesterday.
Today members of the government held a press conference to inform the public about the new system for buying foreign currency. Called the Complimentary System of Foreign Currency Acquirement (Sicad), interim president Nicolas Maduro said it aims to “overcome the parallel market”.
There has been much debate in Venezuela over the causes and likely consequences of last Friday’s currency devaluation, while the concrete political and economic impact remains to be seen.
