Since last Wednesday, December 7, the dollar (parallel) has increased vertiginously: on Friday, in just 24 hours, the currency increased its price by 12.7%, raising its price by 2 bolivars from Bs 16.20 to Bs 18.26
“Faced with the attack of the criminal dollar, I ordered the economic team to take measures in defense of the Official Rate,” President Nicolás Maduro reported on the morning of this Saturday, December 10, through his Twitter account.
Since last Wednesday, December 7, the parallel dollar has increased vertiginously: on Friday, in just 24 hours, the currency increased its price by 12.7%, raising its price by 2 bolivars from Bs 16, 20 to Bs 18.26. The official rate (issued by the Central Bank of Venezuela) has also varied, from Bs 12.66 to Bs 14.12 in the last 72 hours.
Legally, the calculation of the salary must be made based on the official exchange rate dictated by the (BCV)but a large portion of trade —especially informal— is governed by parallel.
Faced with the attack of the criminal dollar, I ordered the economic team to take measures in defense of the Official Tax, for a healthy trade that respects the rights of the people. We will guarantee a happy Christmas by defeating the Mayan mafias. No one will stop economic growth!
— Nicolas Maduro (@NicolasMaduro) December 10, 2022
* Read: Parallel dollar reaches Bs 18.26 and leaves the minimum wage at $9.3 of absolute misery
The president did not offer details of the actions that the Executive will carry out to face “the attack of the criminal dollar.”
According to the Central Bank of Venezuela, accumulated inflation in 2022 was 119.4% in October and 155.8% year-on-year. With the increase in the dollar, the integral minimum wage translates into $9.36.
What will be the actions before the “crinimal dollar”?
After the president’s announcement on Twitter, hours later, Delcy Rodríguez, Vice President of the Republic, reported that the Executive had decided “a set of actions in defense of the exchange market and the official rate, disturbed by the speculative criminal dollar.” She also did not say what those actions are or will be.
In attention to the instructions of the Pdte @NicolasMaduro we have outlined, together with the Vice President of Economy @TareckPSUV and the team, a set of actions in defense of the exchange market and the official rate, disturbed by the speculative criminal dollar. Venezuela will continue to grow! https://t.co/tdHu6NhKIr
— Delcy Rodríguez (@delcyrodriguezv) December 10, 2022
Later, Tareck El Aissami, Minister of Oil and Vice President of Economic Affairs, did the same; who indicated that “The President has instructed to implement a set of measures to protect our people, and defend the exchange mechanisms against those who persist in the pernicious economic war”; but he did not offer details of these either.
VENEZUELA has known how to face and defeat attempts to disrupt economic progress. The President has instructed to implement a set of measures to protect our people, and defend exchange mechanisms against those who persist in the pernicious economic war https://t.co/OFeZE33jm1
—Tareck El Aissami (@TareckPSUV) December 10, 2022
*Read: The exchange rate will stop “ignoring” inflation when the BCV cannot intervene
Price control for 40 products
On December 8, the Government ratified the price control for 40 products. The administration of Nicolás Maduro has adopted “a set of decisions to establish maximum retail prices for more than 40 products for mass consumption by the population,” Jesús Faría, president of the Assembly’s Economic and Finance Commission, told EFE. National (AN) of 2020.
The prices announced through his Twitter account were published in dollars, with the proviso that for his reference in bolivars the exchange rate of the Central Bank of Venezuela (BCV) had to be taken into account.
In a week, after the accelerated rise of the dollar and the return of regulated products, Venezuelans have once again received visits from the ghosts of Christmas past.
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