inflation – Summaries of news and views OnVenezuela https://onvenezuela.com Fri, 02 Sep 2022 11:44:30 +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 inflation – Summaries of news and views OnVenezuela https://onvenezuela.com 32 32 Cup of Coffee in Venezuela Surged 25% This Week https://onvenezuela.com/cup-of-coffee-in-venezuela-surged-25-this-week/?utm_source=rss&utm_medium=rss&utm_campaign=cup-of-coffee-in-venezuela-surged-25-this-week Fri, 02 Sep 2022 11:44:24 +0000 https://onvenezuela.com/?p=15855

Bloomberg’s Cafe con Leche Index rose 25% in a week to 19.63 bolivars, or roughly $2.50. The rise shows the swift effect currency depreciation has on prices. Last week, the bolivar posted its largest monthly loss since January 2021, losing a third of its value on the parallel market. By Nicolle Yapur. Full Text -> BNNBloomberg

Traducción de cortesía -> El índice Café con Leche de Bloomberg subió un 25% en una semana a 19,63 bolívares, o aproximadamente 2,50 dólares. El aumento muestra el rápido efecto que la depreciación de la moneda tiene sobre los precios. La semana pasada, el bolívar registró su mayor pérdida mensual desde enero de 2021, perdiendo un tercio de su valor en el mercado paralelo

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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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Inflation and dollarization deepen schism between private and state employees https://onvenezuela.com/inflation-and-dollarization-deepen-schism-between-private-and-state-employees/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-and-dollarization-deepen-schism-between-private-and-state-employees Tue, 10 May 2022 10:50:43 +0000 https://onvenezuela.com/?p=14552

Use of foreign currency has increased in the South American country since the government of President Nicolas Maduro relaxed economic controls in 2019, helping some businesses, but inflation of the bolivar, the official national currency, remains at 222% and recovery has been uneven. State employees, whose salaries are paid mainly in bolivars and only sporadically increased, are the most affected. In the private sector, at least 63% of salaries are paid in dollars, according to the Venezuelan Finance Observatory, an independent economic research firm. By Mayela Armas and Anggy Polanco. Full Text -> Yahoo!Finance

Traducción de cortesía -> El uso de divisas ha aumentado en el país sudamericano desde que el gobierno del presidente Nicolás Maduro relajó los controles económicos en 2019, lo que ayudó a algunas empresas, pero la inflación del bolívar, la moneda nacional oficial, se mantiene en 222 % y la recuperación ha sido desigual. Los empleados estatales, cuyos salarios se pagan principalmente en bolívares y solo se incrementan esporádicamente, son los más afectados. En el sector privado, al menos el 63% de los salarios se pagan en dólares, según el Observatorio Financiero de Venezuela, una firma independiente de investigación económica

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Story of a Whirlpool: Inflation in Cuba and Venezuela https://onvenezuela.com/story-of-a-whirlpool-inflation-in-cuba-and-venezuela/?utm_source=rss&utm_medium=rss&utm_campaign=story-of-a-whirlpool-inflation-in-cuba-and-venezuela Fri, 04 Mar 2022 09:45:00 +0000 https://onvenezuela.com/?p=13716

The great irony here is the fact that people talked about the “Cubanization” of Venezuela for years, and now they are talking about the “Venezuelanization” of Cuba. Venezuela nationalized businesses, redistributed wealth, and didn’t take any care to diversify its economy, just like Cuba had done a long time before (when it only produced sugar). Then, when the crisis hit because oil prices dropped, Venezuela opened dollar stores, which are still the only stores in the country that are stocked up today, just like Cuba did in the nineties. The mirror reflected the mirror.Without any revenue from tourism (the new single industry), Cuba took a great gamble when it continued to increase wages and “redollarize” its stores. Now, it is suffering one of the highest inflation rates on the continent and it is blaming foreign agents for the dollar’s informal exchange rate (just like Venezuela did). By Carlos Avila Villamar. Full Text -> HavanaTimes

Traducción de cortesía -> La gran ironía aquí es el hecho de que la gente habló de la “cubanización” de Venezuela durante años, y ahora están hablando de la “venezolanización” de Cuba. Venezuela nacionalizó las empresas, redistribuyó la riqueza y no se preocupó por diversificar su economía, como lo había hecho Cuba mucho tiempo antes (cuando solo producía azúcar). Luego, cuando estalló la crisis porque bajó el precio del petróleo, Venezuela abrió tiendas en dólares, que siguen siendo las únicas tiendas del país que hoy están surtidas, tal como lo hizo Cuba en los años noventa. El espejo reflejó el espejo.Sin ningún ingreso del turismo (la nueva industria única), Cuba hizo una gran apuesta al continuar aumentando los salarios y “redolarizando” sus tiendas. Ahora, está sufriendo una de las tasas de inflación más altas del continente y está culpando a los agentes extranjeros por el tipo de cambio informal del dólar (al igual que lo hizo Venezuela).Traducción al español -> Google Translación

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Inflation has accelerated the disappearance of ATMs in Venezuela https://onvenezuela.com/inflation-has-accelerated-the-disappearance-of-atms-in-venezuela/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-has-accelerated-the-disappearance-of-atms-in-venezuela Fri, 30 Jul 2021 12:54:40 +0000 https://onvenezuela.com/?p=10543

The Secretary-General of the Federation of Bank Workers and Allied Workers (Fetrabanca), Claudio Rivas, explained that In December 2019, they registered 7,512 ATMs in the country, but a year later there were 5,762 ATMs left, which is a 23% decrease. “This number is down due to high inflation, an issue De facto dollarization And to maintain these ATMs that need foreign currency to be able to change them or to be able to bring in the parts that you need to adapt or maintain.” By Vernon Shorts. Full Text ->TheDailyGuardian

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Venezuelan inflation was 28.5% in May, according to the Central Bank https://onvenezuela.com/venezuelan-inflation-was-28-5-in-may-according-to-the-central-bank/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelan-inflation-was-28-5-in-may-according-to-the-central-bank Thu, 17 Jun 2021 11:28:20 +0000 https://onvenezuela.com/?p=9743

Inflation in Venezuela last May was 28.5%, almost four points more than in April, when it closed at 24.6%, while in the first five months of 2021 it accumulates 264.8%, reported this Wednesday the Central Bank of Venezuela. Full Text -> MarketResearchTelecast

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Venezuelans Helpless Against Unsparing Hyperinflation https://onvenezuela.com/venezuelans-helpless-against-unsparing-hyperinflation/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelans-helpless-against-unsparing-hyperinflation Tue, 17 Nov 2020 17:00:56 +0000 https://onvenezuela.com/?p=6631

Urdaneta paints the picture of an economy susceptible to abuse: “This is amplified when you have individuals with privileged information on when these bolivar payments will be done and when there will be a peak in dollar demand, so they strategically diminish the dollars offered at the right time. The result is a savage spike on the dollar price. Whenever these spikes happen, the market eventually reestablishes itself after the possibility of pushing buyers disappears. It’s a cycle that repeats itself again and again.” By Victor Cuotto. Full Text -> CaracasChronicles

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Briefing: The Academy of Sciences Projects Up to 14,000 New Daily COVID-19 Cases https://onvenezuela.com/briefing-the-academy-of-sciences-projects-up-to-14000-new-daily-covid-19-cases/?utm_source=rss&utm_medium=rss&utm_campaign=briefing-the-academy-of-sciences-projects-up-to-14000-new-daily-covid-19-cases Fri, 11 Sep 2020 13:44:51 +0000 https://onvenezuela.com/?p=5514

The second report on the disease ratifies an under-registration of cases and projects scenarios; Guaidó announced terms of the consultation on the unity pact; it’s been 35 months of hyperinflation now. By Naky Soto. Full Text-> CaracasChronicles

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Venezuelan National Assembly Reports Inflation Over 1,000 Percent in 2020 https://onvenezuela.com/venezuelan-national-assembly-reports-inflation-over-1000-percent-in-2020/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelan-national-assembly-reports-inflation-over-1000-percent-in-2020 Thu, 10 Sep 2020 16:50:26 +0000 https://onvenezuela.com/?p=5494

The year-on-year price increase stands at 3,078 percent, as reported by the Legislative Branch, the only body that is not controlled by the Maduro dictatorship. Four out of every five Venezuelans are unable to cover the basic food basket. By Juan Martinez. Full Text-> TheRioTimes

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Venezuela’s yearly inflation rate rose to over 4,000% in July, parliament says https://onvenezuela.com/venezuelas-yearly-inflation-rate-rose-to-over-4000-in-july-parliament-says/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelas-yearly-inflation-rate-rose-to-over-4000-in-july-parliament-says Thu, 13 Aug 2020 14:40:02 +0000 https://onvenezuela.com/?p=5021

Crisis-wracked Venezuela’s yearly inflation rate rose to over 4,000 per cent in July, the opposition-controlled parliament said on Wednesday. Inflation over the last 12 months dipped to 3,500 per cent in June from almost 3,700 per cent the previous month, but it is back on the increase. Full Text-> DeccanHerald

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