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No End In Sight For Venezuela’s Currency Plunge As Risk Of Default Grows Closer
The OPEC nation of Venezuela has long been home to the world’s highest inflation rate, and now the nation is set to become the site of the 57th hyperinflation event in modern recorded history, says Steve Hanke, professor of applied economics at Johns Hopkins University, Bloomberg reports. As Venezuela’s currency has plunged 32 percent over the past month … Continue reading
Venezuela’s Unofficial Exchange Rate Has Plunged 65% This Year, Breaks Through 500 Per Dollar To Record Low
The unofficial exchange rate in Venezuela has broken through 500 bolivars per dollar to reach a new record low on Friday, according to DolarToday. The unofficial exchange rate in Venezuela has broken through 500 bolivars per dollar to reach a new record low on Friday, according to DolarToday, the most popular exchange rate reference website in Venezuela, … Continue reading
Venezuela Said To Be In Gold For Cash Talks With BofA, Credit Suisse
The cash-strapped nation of Venezuela — who is now deemed as a nation threat to the U.S. — is said to be in talks with Wall Street investment banks in gold for cash talks, Reuters reported on Tuesday. The Central Bank of Venezuela is in talks with Wall Street investment banks to create a gold swap that would … Continue reading
Analytic Guidance: Considering A Coup In Venezuela
By Stratfor Global Intelligence Venezuelan President Nicolas Maduro is in an increasingly tenuous position. During his nearly two-year time in office, Maduro has contended with an increasingly weak national economy, eroding his ability to manage the various factions within the ruling United Socialist Party of Venezuela (PSUV). In this context, widespread unconfirmed reports have emerged, none … Continue reading
Venezuela’s Maduro To Visit China, OPEC Nations For Financing And Oil Strategy Talks Amid Cash Crunch
Venezuelan President Nicolás Maduro announced on Sunday that he will visit China and several unspecified OPEC countries during a week-long tour aimed at improving the South American nation’s finances, which have fallen under pressure amid a tumble in oil prices. “I’m leaving today for an international tour … a very important tour to take on … Continue reading
Venezuela’s Inflation Could Top 1,000% Without A Weaker Bolivar: BofA
Venezuela needs to devalue the nation’s currency, the bolivar, or risk inflation topping 1,000 percent as early as 2015, according to Bank of America, Bloomberg reported on Tuesday. Under Venezuela’s current system, an overvalued bolivar means that the government effectively sells U.S. dollars it earns from oil exports at a discount, compelling policy makers to … Continue reading
Human Rights And Democracy: Venezuela Vs The U.S. – OpEd
By Caleb Maupin The US Congress has announced new economic sanctions against the Bolivarian Republic of Venezuela. The new law contains a list of Venezuelan officials said to be “violating human rights.” These Venezuelan officials will have their assets frozen and be banned from receiving visas to visit the United States. Trade with Venezuela will be … Continue reading
Venezuela’s Rating Cut To ‘CCC’ By Fitch As Oil Tumbles
Fitch Ratings has cut Venezuela’s credit rating on Thursday amid the sharp fall in global oil prices and the country’s dwindling International reserves of $21.4 billion – which are around half the level of end-2008 when Venezuela last faced a sharp fall in oil prices which led to the global financial crisis. Fitch Ratings cut … Continue reading
Venezuela ‘Seizing’ Diamonds, Precious Metals To Boost Reserves
The Central Bank of Venezuela is adding diamonds, gold and other precious stones and metals to its foreign reserves which have fallen to an 11-year low. The bank said in a statement issued Thursday it intends to use a broader range of assets to increase international reserves, it will also include freely convertible foreign currencies. … Continue reading
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