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Economy

Venezuela’s Currency Nosedives, Maduro Cracks Down on Telecommunications Price Hike

(Reuters/Ueslei Marcelino)
Venezuela’s troubled currency has lost twice its own value over the past two months, according to the latest black market data.

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75% of Venezuelans Support Socialism: Poll

"Another world is possible, if it's socialist." (Archive)

The majority of Venezuelans believe in a socialist economy, but want the government to be more efficient and promote private investment, a top pollster said Wednesday.

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Venezuela’s Maduro Announces 50% Minimum Wage Hike

Maduro announced the minimum wage increase on Sunday. (Prensa Presidencial)

Under the new measure, the base monthly wage will be doubled to 97,531 bolivars, while food tickets will be raised to 153,000 bolivars, bringing the integrated minimum wage to 250,531 bolivars.

 

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Venezuela’s Maduro Increases Teacher Salaries as AN Released Inflation Estimate

President Nicolas Maduro says the recent wage increases show his government's commitment to education. (Archive)

Venezuelan President Nicolas Maduro announced the implementation Thursday of a 15 percent salary increase for teachers nationwide.

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Venezuelan Opposition Threatens Goldman Sachs over $2.8bn Bond Deal

National Assembly head Julio Borges has threatened the Wall Street bank with non-payment. (Archive)

Venezuela’s opposition-controlled National Assembly has threatened not to pay US $2.8 billion in PDVSA bonds purchased by Goldman Sachs through a third party broker this week.

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Will Venezuela’s Latest Exchange Rate Reforms Help?

The new reform is intended to halt the further devaluation of Venezuela's bolivar. (Archive)

VA's Ryan Mallett-Outtrim weighs the potential pros and cons of Venezuela's latest currency exchange reform, arguing that only a free floating exchange rate will save the country's crisis-ridden economy. 

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Venezuela’s New Forex System Launches

(El Nacional)

Venezuela was set Thursday to hold its first currency auction under its newly reformed foreign exchange system, which the government says will be more transparent and effective than its predecessors.

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Venezuela's National Minimum Wage Increases by 60% on May Day

Venezuelan President Nicolas Maduro. (Reuters)

Venezuelan President Nicolas Maduro announced an increase to the minimum wage Sunday, which he said would help to shield workers' from the effects of the economic crisis in the country.

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Venezuelan Govt Hands $10.5m to Small Businesses Attacked by Opposition

Dozens of stores have been looted amid riots and anti-government protests. (Reuters)

The Venezuelan government announced plans Thursday to provide financial relief to more than 50 small stores and other businesses hit by vandalism and looting.

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PDVSA Boss Arrested for Sabotaging National Oil Supply

Long queues outside of gas stations last week. (Panorama Venezuela)
Senior management figure Marco Malavé (47) was charged with causing “irregularities” in the country’s domestic fuel market following widespread gas shortages last week. 

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