08:10 – Venezuelans cautious about the arrival of the new tickets

Frenzy of purchases, long queues at petrol stations and the dollar on the black market rise: cautiously and anxiously, the Venezuelans prepared themselves for the arrival of Monday of new banknotes that will have five zeros less than

For Socialist President Nicolas Maduro, this measure is part of a "major economic change", but uncertainty seems to prevail at the top of the state.

"We'll understand them a lot" when they come into force, "he said recently, facing a major unpopularity, mainly because of the economic crisis, shortages of food and drugs that cause long queues for the stores. [19659002] In this once wealthy oil country, the economic landscape has become considerably darker.The production of black gold, accounting for 96% of the state's income, has collapsed in the space of ten years, from 3.2 million barrels per day (mbd) in 2008 to 1.4 mbd in July

The deficit is 20% of GDP and the external debt is $ 150 billion, while the reserves are only 9 billion.

"If you have the deficit and the disorderly the issue of money (to try to cope with), the crisis will continue to deepen, "says economist Jean Paul Leidenz.

For a long time the biggest cut was that of 100 bolivars: he It was therefore necessary to backpack full of tickets to go to wink

At the end of 2016, the government introduced tickets from 500 to 20,000. Rebelote in 2017, with the arrival of 100,000 bolivars … hardly enough to buy an egg at that moment.

The new currency, called "sovereign bolivar", should put an end to this leap forward, in this country where inflation is completely out of control, estimated at 1,000,000% by the end of 2018 by the IMF.

Ten years earlier, in 2008, the Venezuelan state had already eliminated three zeros by launching the "bolivarfort".

On the street, discouragement wins a part of the population. "It will be exactly the same," says 39-year-old Bruno Choy, who runs a food stall on the street.

– "I get a little confused" –

With the new reform, the most large ticket will be 500 bolivars, equivalent to 50 million current bolivars ($ 7 in the black market, the de facto referral). The smallest coin will be 50 cents.

"I am a bit confused", AFP Argenis Quintero, a 28-year-old taxi driver, told himself the calculations he would have to make. [19659002AsdrubalOliverosdirecteurofandEcoanaliticawarnsthat"agreementmonths"canbecrossedoverthenewbanknotesifhyperinflationisnotcontrolled

At the end of 2016 delays in the delivery of the new tickets of that time had given rise to demonstrations and looting, in which four people were killed.

This time, the government and the central bank are making sure that everything is ready.

President Maduro, he wants to reassure by explaining that the sovereign bolivar will be supported by petro, the Venezuelan cryptocurrency with which the government intends to circumvent the lack of liquidity and financial sanctions of the United States.

wages would be recorded in these two currencies.

"Surrealist", says economist Jean Paul Leidenz, who points out that "a huge confusion" surrounds the petro.

Private sales last March has resulted in $ 5 billion intentions to buy when insured the government. But five months later, transactions with this cryptocurrency are almost zero and the petro can not be found online in exchange offices.

In addition, the United States has prohibited transactions with this cryptocurrency as part of the sanctions.

"Link the bolivar petro is the link to nothing", warns the economist Luis Vicente Leon, director of another company, Datanalisis.

The removal of zeros from the currency is part of an "economic stimulus package" that includes the relaxation of rigid exchange rate controls, as well as a new system for the price of gasoline, two other measures that will also take effect on Monday. Nicolas Maduro announced the multiplication on Friday of 34 of the minimum wage.

The goal, according to experts, is always the same: to find liquidity.

The ruling camp claims that the economic crisis and hyperinflation are the result of an "economic war" being fought by Venezuelan law and the United States to overthrow it.

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