Money in Venezuela
Venezuela - Money
The economy continued to languish in the final quarter of last year, although seemed to contract at a less severe rate. Oil production appeared to bottom out in Q4 after having fallen by more than 40% since the start of 2019 as U.S. sanctions and power outages choked the vital industry. In an attempt to revive the sector, the government indicated that it intends to offer majority shares and control of its oil industry to foreign corporations. In late January, officials held talks with Repsol, Eni and Rosneft to shape a deal which would grant government-owned oil property and restructure some of PDVSA’s debt in exchange for assets. Meanwhile, the increasing dollarization of the economy has reportedly somewhat stabilized prices, incentivized private sector activity and slowed emigration, with authorities introducing a VAT on U.S. dollar transactions to tap into new sources of government revenue.Venezuela - Money Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Money (annual variation in %) | 64.0 | 101 | 159 | 1,121 | 63,257 |
Venezuela Money Chart
Source: Venezuela Central Bank and FocusEconomics calculations.
Venezuela Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 5.50 | 0.0 % | Aug 19 |
| Exchange Rate | 248,832 | 0.0 % | Aug 17 |
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Economic News
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Venezuela: Inflation eases to near two-year low in December amid rapid dollarization of the economy
February 4, 2020
National consumer prices rose 31.5% from the previous month in December, up from November’s 25.7% month-on-month increase, according to data released by the Central Bank of Venezuela (BCV) on 4 February.
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Venezuela: Inflation eases to seventh-month low in September amid Central Bank’s contractionary policies
October 19, 2019
National consumer prices surged 52.2% from the previous month in September, up from August’s 34.6% month-on-month jump according to the trove of data released by the Central Bank of Venezuela (BCV) on 19 October.
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Venezuela: New Central Bank data reveals the crisis is only worsening
October 19, 2019
On 19 October, the Central Bank of Venezuela (BCV) released fresh macroeconomic data for the first time in six months, underscoring the severity of the crisis currently gripping the country.
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Venezuela: Hyperinflation stabilizes amid Central Bank’s contractionary policies
June 10, 2019
National consumer prices jumped 33.8% from the previous month in April, following March’s 34.8% month-on-month surge, according to the trove of data released by the Central Bank of Venezuela (BCV) on 28 May.
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Venezuela: Rare release of Central Bank data reveals magnitude of crisis
May 28, 2019
On 28 May, the Central Bank of Venezuela (BCV) released macroeconomic data for the first time in nearly four years, highlighting the extent of the profound economic crisis currently gripping the country.
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