Bolivares – Summaries of news and views OnVenezuela https://onvenezuela.com Tue, 30 Aug 2022 13:26:45 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://onvenezuela.com/wp-content/uploads/2020/01/cropped-Screen-Shot-2019-12-20-at-12.31.03-PM-1-32x32.png Bolivares – Summaries of news and views OnVenezuela https://onvenezuela.com 32 32 Venezuela’s currency falls by more than 30%, threatening timid recovery https://onvenezuela.com/venezuelas-currency-falls-by-more-than-30-threatening-timid-recovery/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelas-currency-falls-by-more-than-30-threatening-timid-recovery Tue, 30 Aug 2022 13:26:40 +0000 https://onvenezuela.com/?p=15811

A sharp drop in the value of the bolivar against the U.S. dollar in the past month threatens to disrupt Venezuela’s economic recovery and the timid honeymoon between the Caracas Socialist regime and the private sector, analysts said.In just 30 days, Venezuela’s national currency has lost 31.2% of its value, falling Monday to a rate of 8.59 bolivars per dollar, from its July 29 level of 5.91 bolivars, due to a sharp decline of U.S. currency available at local exchanges and a recent increase of bolivars in circulation. By Antonio María Delgado. FullText -> AOL

Traducción de cortesía -> Una fuerte caída en el valor del bolívar frente al dólar estadounidense en el último mes amenaza con interrumpir la recuperación económica de Venezuela y la tímida luna de miel entre el régimen socialista de Caracas y el sector privado, dijeron analistas. En solo 30 días, la moneda nacional de Venezuela ha perdido 31,2% de su valor, cayendo el lunes a una tasa de 8,59 bolívares por dólar, desde su nivel del 29 de julio de 5,91 bolívares, debido a una fuerte caída de la moneda estadounidense disponible en las bolsas locales y un aumento reciente de bolívares en circulación

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Venezuela’s Bolivar Has Finally Stabilized https://onvenezuela.com/after-99-99-plunge-venezuelas-bolivar-has-finally-stabilized%ef%bf%bc/?utm_source=rss&utm_medium=rss&utm_campaign=after-99-99-plunge-venezuelas-bolivar-has-finally-stabilized%25ef%25bf%25bc Wed, 02 Feb 2022 13:06:37 +0000 https://onvenezuela.com/?p=13304

The Venezuelan bolivar, after years of excruciating, relentless declines that have left it almost worthless and sunk millions into deep poverty, appears to have finally bottomed out. The currency has traded at a rate of around 4.5 per dollar for the past four months, a newfound stability that’s come without much need for propping up by policy makers. By Nicolle Yapur and Fabiola Zerpa. Full Text -> BNNBloomberg

Traducción de cortesía -> El bolívar venezolano, después de años de declives incesantes e insoportables que lo han dejado casi sin valor y hundido a millones en una profunda pobreza, parece haber tocado fondo finalmente. La moneda se ha negociado a una tasa de alrededor de 4,5 por dólar durante los últimos cuatro meses, una nueva estabilidad que ha llegado sin mucha necesidad de apoyo por parte de los formuladores de políticas. To translate into Spanish -> Google Translación

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Currency reconversion in Venezuela: One bolivar of tomorrow, 100 billion of yesterday https://onvenezuela.com/currency-reconversion-in-venezuela-one-bolivar-of-tomorrow-100-billion-of-yesterday/?utm_source=rss&utm_medium=rss&utm_campaign=currency-reconversion-in-venezuela-one-bolivar-of-tomorrow-100-billion-of-yesterday Thu, 30 Sep 2021 13:48:19 +0000 https://onvenezuela.com/?p=11196

Take the annual budget of an oil-producing country and keep it in local currency untouched. Wait 14 years, and that money, then equivalent to 50 billion dollars, will be worth 25 cents on the dollar. Unlikely? It has happened in Venezuela. Full Text-> TheRioTimes

Traducción de cortesía -> Tome el presupuesto anual de un país productor de petróleo y manténgalo intacto en moneda local. Espere 14 años, y ese dinero, entonces equivalente a 50 mil millones de dólares, valdrá 25 centavos de dólar. ¿Improbable? Ha sucedido en Venezuela.

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Venezuela’s New Lettuce-Based Economy Is Good Enough for Now https://onvenezuela.com/venezuelas-new-lettuce-based-economy-is-good-enough-for-now/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelas-new-lettuce-based-economy-is-good-enough-for-now Thu, 09 Sep 2021 17:17:24 +0000 https://onvenezuela.com/?p=10863

People can now buy groceries, medications and other goods that for nearly a decade were impossible to find, thanks to the informal dollarization of the economy and the partial lifting of price controls and import tariffs by President Nicolás Maduro’s government. After years of deprivation, near economic collapse and political chaos, this shift has improved the quality of life for many people across Venezuela. Using the dollar instead of the local currency, the bolívar, has its drawbacks, but it has brought fragile stability, for now. By Virginia López Glass. Full Text -> TheNewYorkTimes

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The Venezuelan bolívar, from devalued currency to repurposed art canvas https://onvenezuela.com/the-venezuelan-bolivar-from-devalued-currency-to-repurposed-art-canvas/?utm_source=rss&utm_medium=rss&utm_campaign=the-venezuelan-bolivar-from-devalued-currency-to-repurposed-art-canvas Mon, 19 Jul 2021 13:22:56 +0000 https://onvenezuela.com/?p=10321

After two currency denomination overhauls in the past 13 years, the Venezuelan bolívar, crippled by hyperinflation, has found a way to retain its value in the hands of artists using the cash as a canvas. The pain of Venezuelans losing purchasing power to rampant inflation is the source of inspiration for painters, crafters and amateur artists using the virtually worthless banknotes for more symbolic and emotional purposes, according to artist Jean Franco González. Full Text -> LaPrensaLatina

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Venezuela to Cut Six Zeroes Off Bolivar to Simplify Transactions https://onvenezuela.com/venezuela-to-cut-six-zeroes-off-bolivar-to-simplify-transactions/?utm_source=rss&utm_medium=rss&utm_campaign=venezuela-to-cut-six-zeroes-off-bolivar-to-simplify-transactions Fri, 02 Jul 2021 13:12:00 +0000 https://onvenezuela.com/?p=10007

The central bank is planning to slash six zeroes from the bolivar as early as August after previous attempts to issue larger-denomination bills failed to resolve problems created by endemic inflation, according to three people with direct knowledge of the matter who aren’t authorized to speak publicly about the plans. By Patricia Laya and Alex Vasquez. Full Text -> Bloomberg

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Man in Disbelief After Finding Garbage Dumpster Stuffed Full of Cash https://onvenezuela.com/man-in-disbelief-after-finding-garbage-dumpster-stuffed-full-of-cash/?utm_source=rss&utm_medium=rss&utm_campaign=man-in-disbelief-after-finding-garbage-dumpster-stuffed-full-of-cash Wed, 09 Jun 2021 16:40:08 +0000 https://onvenezuela.com/?p=9638

Aman was in disbelief after finding a garbage dumpster stuffed full of cash on the street, but sadly he’s not any richer.Lennart Ochoa was in Miami for the bitcoin art gallery, at the Bitcoin 2021 conference, when he found currency of a different kind . By Rebecca Flood. Full Text -> Newsweek

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Maduro seeks to speed up digital payments as Venezuela runs out of cash https://onvenezuela.com/maduro-seeks-to-speed-up-digital-payments-as-venezuela-runs-out-of-cash/?utm_source=rss&utm_medium=rss&utm_campaign=maduro-seeks-to-speed-up-digital-payments-as-venezuela-runs-out-of-cash Tue, 16 Mar 2021 14:05:10 +0000 https://onvenezuela.com/?p=8152

Venezuelan President Nicolas Maduro is pressing banks to implement digital payment systems as hyperinflation prompts chronic shortages of cash in the bolivar currency, three people familiar with the talks told Reuters. Maduro has targeted the public transit system – where roughly three-quarters of all circulating cash is spent – as the first stage of a plan he calls “the digital bolivar.” In January, he asked banks to deliver point-of-sale terminals to the Caracas subway system and bus drivers, said the people, who spoke on the condition of anonymity. By Corina Pons and Mayela Armas. Full Text -> FinancialPost

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You can now be a ‘millionaire’ in Venezuela for 50 cents https://onvenezuela.com/you-can-now-be-a-millionaire-in-venezuela-for-50-cents/?utm_source=rss&utm_medium=rss&utm_campaign=you-can-now-be-a-millionaire-in-venezuela-for-50-cents Mon, 08 Mar 2021 14:14:26 +0000 https://onvenezuela.com/?p=8004

According to a statement from the country’s central bank, Venezuela will also be printing 200,000 and 500,000 bills along with the 1,000,000 bills.The move comes as hyperinflation has made smaller bills superfluous and worthless – and most citizens are “turning to the U.S. dollar for everyday transactions,” Bloomberg notes, adding “About 66 percent of transactions across the country are (now) estimated to be made in foreign currency.” By Paula Froelich. Full Text -> NewYorkPost

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Venezuela’s Maduro Says He’s Planning a Digital Currency ‘Surprise https://onvenezuela.com/venezuelas-maduro-says-hes-planning-a-digital-currency-surprise/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelas-maduro-says-hes-planning-a-digital-currency-surprise Fri, 26 Feb 2021 14:19:54 +0000 https://onvenezuela.com/?p=7812

Venezuela may soon begin development on a “digital bolivar.” The project is being kept under wraps, but regional experts have some ideas on what it will be.By Jose Antonio Lanz. Full Text -> Decrypt

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