[Economics] Venezuela.. measures to limit the decline of the local currency, the "bolivar"

[SnO]

Venezuela announced - yesterday, Saturday - measures to defend its national currency (the bolivar), which has lost 17% of its value against the dollar, during the past few days.

"In the face of the criminal attack of the dollar, I have ordered the economic team to take action to defend the official rate for healthy trade that respects people's rights," President Nicolás Maduro wrote on Twitter.

 

 

And in the past days, the dollar rose against the bolivar from 11.69 to 14.12, so that this local currency witnessed a decline of 17.2%.

The Venezuelan local currency has been declining since October 2021, "and is currently trading at 14.10 bolivars against one dollar."

A number of economic analysts say that the billions of dollars that Venezuela pumped into the foreign exchange market, to maintain prices, led to the continued instability of the bolivar.

"The central attempt to reform the exchange rate two years ago failed," Leonardo Vera, an economist and professor at the Central University of Venezuela, told AFP.

He added that Venezuelans no longer trust their national currency, at a time when a tax was imposed on large dollar transactions with the aim of linking the economy to the bolivar.

For its part, the government sees the devaluation of the bolivar as an "attack" aimed at slowing down the country's growth.

Vice President Delcy Rodriguez said - on Friday - that the growth rate of Venezuela's GDP is "in double digits", without disclosing it.

 

https://www.aljazeera.net/ebusiness/2022/12/11/فنزويلا-إجراءات-للحد-من-تراجع-قيمة