Venezuelan President Nicolas Maduro appointed on Tuesday new heads for the ministries of Interior, Justice, and Peace, Industry and Commerce, as well as Transport and Public Works.
By Ryan Mallett-Outtrim - Counterpunch, May 25th 2016
Ryan Mallett-Outtrim gives a run-down of the root causes of Venezuela's economic problems, arguing that the government's maintenance of exchange controls, not socialism, has sunk the country into a financial black hole.
Venezuela’s uppermost SIMADI exchange rate closed at 249.56 bolivars per dollar on Tuesday, amounting to a 42.64 increase since the government instituted a partial float on March 10.
In this interview, investigator and former Mining and Basic Industries Minister, Victor Alvarez, argues that the government must implement an economic stabilisation plan with social welfare before it is too late.
Venezuela’s Central Bank announced Monday that it would begin printing 500 and 1000 Bolivar bills while phasing out smaller denominations in a bid to keep pace with the country’s soaring inflation.
The governments of Venezuela, Russia, Saudi Arabia, and Qatar reached a deal Tuesday to freeze their crude oil output at January levels following a brief meeting in Doha.
Venezuelan President Nicolas Maduro announced yesterday his decision to appoint the former businessman and sitting commerce minister, Miguel Pérez Abad, as Vice-President for Productive Economy, replacing left-wing political economist Luis Salas after just six weeks in the position.
Venezuela’s opposition-controlled National Assembly rejected Friday an emergency economic decree that would have granted President Nicolas Maduro special powers to confront the country’s worsening economic crisis.
