Devaluation

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.

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Jacinto Dávila, writing for leftist website Rebelión, examines the Venezuelan government’s recent overhaul of the country’s currency control system.

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Today both pro-government and opposition supporters held large marches in Caracas, as well as smaller ones around the country, to mark International Workers Day. While government supporters celebrated a minimum wage increase and the labour law, opponents of the government demanded a “fair wage”.

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Venezuela's recent devaluation has sparked quite a bit of discussion in the international press. The Venezuelan opposition has naturally framed it as desperate move to head off inevitable economic collapse.

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No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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The capitalist sector is growing faster than the public sector and is still predominant in Venezuela’s economy despite the nationalizations.

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Venezuelan President Hugo Chavez announced a devaluation of the official exchange rate of the bolivar currency and the creation of a second rate denominated the “oil bolivar” for non-essential imports, in a nationally televised address on Friday.

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