Maduro Orders Economic Team to Defend Sliding Venezuela Currency: After the bolivar’s steep decline against the dollar this month, Venezuelan President Nicolas Maduro urged his economic team to take action to defend the bolivar.
In a tweet, Maduro stated that his administration would take action to defend the official exchange rate before the holidays in response to an attack by the “criminal dollar.” He attributed the decline of the bolivar on Miami’s criminal underworld.
According to Monitor Dolar, a website that measures exchange rates, the bolivar lost nearly 29% of its value versus the dollar this month on the black market due to increased demand for dollars and increased government spending. It has decreased by roughly 21% this month to 14 bolivars for every dollar on the official currency market. This week, the central bank increased the frequency of its sales of hard currencies to the market.
The economic team has laid out a number of moves it would take in the currency market, according to vice president Delcy Rodriguez on Twitter on Saturday, although she did not go into further detail. In 2019, the government allowed the US dollar to trade freely, which helped end a seven-year slump and a period of hyperinflation.
According to analysts surveyed by Bloomberg, the economy will increase 7.6% this year even though it will still be only a small portion of its pre-crisis level.
Who is Nicolas Maduro Moros?
How could you forget the name of Venezuela’s president? The president of Venezuela is no one, but Nicolás Maduro Moros. He has been the president of Venezuela since 2013, Nicolás Maduro Moros. Nicolás Maduro Moros is a president & Venezuelan politician whose position has come under challenge since 2019. Maduro was born into a working-class family on November 23, 1962, in Caracas, Venezuela. On April 22, 1989, a car accident ended the life of his father. His father, Nicolás Maduro Garcia, was a notable trade union leader.
Teresa DE Jess Moros, his mother, was born in Cúcuta, a Colombian border hamlet on the Venezuelan border. He was a “militant dreamer of the Movimiento Electoral Del Pueblo (MEP)” and was born into a Marxist household. His family background pushed him to engage in politics. Maduro was reared in the working-class neighborhood of Los Jardines, El Valle, on the western outskirts of Caracas, on Calle 14. He had “three sisters, Mara Teresa, Josefina, and Anita,” being the lone male of four children.
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