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Exchange rate

Venezuelan Tourism Industry to Charge in Dollars

Playa el Agua beach on the tourist hotspot of Margarita Island, Venezuela (Mintur)

Foreign travellers visiting the South American country will be charged in US dollars for tourism services, including in travel agencies and accommodation in 4 star and state approved hotels. They will also be able to buy national currency directly from tourism providers.

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Does Venezuela’s Crisis Prove Socialism Doesn’t Work?

(Shutterstock.com)

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.

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Economic Policy Could Determine the Political Results in Venezuela

Venezuelan President Nicolas Maduro's possibilities for staying in power may depend on whether or not his government takes

Economist Mark Weisbrot argues that fixing Venezuela's broken currency exchange system may be the only way for the Maduro government to regain popularity and stay in power amid a right-wing offensive. 

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In Venezuela, Dismantling a Weapon of Mass Destruction

(Aporrea)

Economist Mark Weisbrot makes a case for unifying Venezuela's now double-tiered exchange rate.

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What is at Stake is not the Stability of a Government but the Viability of a Nation

Economist and ex-minister Victor Alvarez (archives)

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.

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4 Steps To Fix Venezuela’s Economy

(Anadolu Agency / Getty Images)

Acclaimed economist Mark Weisbrot outlines a string of measures to resolve Venezuela's economic crisis, including instituting direct subsidies to poor and working class families, eliminating exchange and price controls, and diversifying the economy. 

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Venezuela’s Maduro Announces String of Emergency Economic Measures

Venezuelan President Nicolas Maduro addressing the nation. (@PresidencialVen)

The economic initiatives include changes to the country’s multi-tiered exchange rate, a rise in the domestic price of gasoline, the implementation of a new tax system, and placing more power over food distribution in the hands of organised communities.

 

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Venezuela Sues Miami-based Currency Website Dollar Today over Alleged Cyberterrorism

Exchange rates listed on Dollar Today twitter account (Twitter/@DolarToday)

The Venezuelan Central Bank (BCV) opened a lawsuit in a US federal court in Delaware on Friday against the Miami-based currency website Dollar Today, which it accuses of destabilizing the Venezuelan economy by publishing false exchange rate data.

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Chavismo On The Horns Of A Dilemma: Populism And Pragmatism In Venezuela

Mision Mercal, the state mission aimed at distributing subsidised food to Venezuela's poorer sectors emerged as a response

Academic Steve Ellner explores the current political and economic juncture in Venezuela, linking its current difficulties to the tendency to pursue both pragmatic and populist strategies and the failure of the government in certain cases to take advantage of its triumphs over the opposition in order to launch a revolutionary offensive. 

 

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Venezuela Announces New Currency Exchange Mechanism Based on “Supply and Demand”

The measure officially comes into effect this Wednesday (Aporrea).

The Venezuelan Central Bank has announced the creation of a new currency exchange entity known as SIMADI, which will allow dollars to be sold and purchased legally according to “market rates”. The new mechanism will operate alongside SICAD I and SICAD II, which will continue to sell dollars at an exchange rate set by the government. 

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