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Montevideo, November 13th 2018 - 01:27 UTC

Tag: Venezuelan economy

  • Wednesday, February 21st 2018 - 01:26 UTC

    Petro, the Venezuelan cryptocurrency is online

    The initiative promoted by the government of Nicolás Maduro responds to individual sanctions by the international community against government officials.

    The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.

  • Saturday, December 23rd 2017 - 10:14 UTC

    Venezuela's economy contracted a massive 16.5% in 2016, admits government

    It also classed 11.3% of the population as “extremely poor” in 2014, the last year the figures were available, up from 7.1% in 2012. Photo: AFP

    Venezuela's economy shrank a massive 16.5% in 2016, according to an official government filing to the US Securities and Exchange Commission (SEC). The oil-rich but impoverished country attributed the collapse to a contraction of 9.9% in the oil sector and 16.1% in the non-oil economy.