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News > Venezuela

Venezuela: Maduro Slams Attempts to Stall Recovery of Economy

  • President Nicolas Maduro at a cultural event in Falcon State

    President Nicolas Maduro at a cultural event in Falcon State | Photo: Prensa Miraflores

Published 25 August 2022

Venezuelan President Nicolás Maduro said Thursday that sectors in the country intend to stall the economic recovery process experienced by the Caribbean nation this year.

"Then a group comes to shoot up the parallel dollar in a fictitious way, so that a group of traders comes to steal from the people (...), that no one tries to torpedo and damage the economic recovery, that rather we all help the country to recover fully and absolutely", detailed the President during a broadcast of the Venezolana de Televisión network.

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During the last week, in Venezuela, there have been accelerated increases in the exchange rate of foreign currencies parallel to the one established by the country's Central Bank.

Since 2003, the Caribbean nation has had exchange control, which gives the Government the power to sell and buy foreign currency.

Amid the exchange control and the economic blockade denounced by the Venezuelan Government, a parallel market has emerged in the Caribbean country, in which Venezuelans can acquire, albeit at a higher price, the foreign currency of their choice.

According to what some pages on social networks report about the parallel dollar rate, on August 25, its value was 9.30 bolivars (local currency) per dollar and the official rate was 7.01 bolivars per dollar.

In such a sense, Maduro highlighted that this parallel dollar strategy responded to some sectors' dossier and mentioned that they are using it again, intending to disturb the economic recovery process of this last year.

"We have had four quarters of record economic growth in the world, of more than 18 percent of the economy, record economic growth; there are those who intend to disrupt the economic recovery and are again using the parallel dollar", he said.

The President highlighted that, despite the sanctions imposed by the United States, the country is still standing and called on citizens to defend the rate of the Central Bank of Venezuela, which is governed by the dynamics and rules of the exchange market.

Maduro has denounced on several occasions that since 2015 more than 500 sanctions have been executed against Venezuela that affected the entire national productive system, which generated the country's loss of 99 percent of foreign exchange income.

However, despite the effects caused to the global economy by the covid-19 pandemic and the direct damage to the Venezuelan productive system caused by the sanctions, the Caribbean country is expected to experience the highest growth in the region, according to the Economic Commission for Latin America and the Caribbean (ECLAC).

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