Maduro announced in a televise speech today that Venezuela earned $100 million from oil sales in March, and blamed an “oil war” waged by the United States for the sharp fall in Venezuela’s oil income. Income from oil sales has fallen 97% since 2014.
Despite the troubling figure, Maduro assured listeners that nothing would stop Venezuela from overcoming the challenges it faces:
What they [the United States] don’t know is that this dignified land of America’s liberators will continue to follow the path of socialism, whether oil prices are at $1,000 or $0 [per barrel].
DICOM Rate Jumps 53.24% In First Month of Operation
The free-floating DICOM exchange rate is 54.24% higher today than it was when it was officially launched on March 9. Venezuelans looking to exchange their Bolivares for US Dollars must pay Bs. 66.13 more today than one month ago.
DICOM replaced the SIMADI exchange rate, which also operated on a free-floating basis. However, the rate at which DICOM is increasing far outstrips the rate at which SIMADI increased during its entire lifetime. Between February and December 2015, the SIMADI rate rose by Bs. 29.72.
Venezuelans must exchange their bolivares at the DICOM rate if they are planning to travel or study abroad, or if they need to pay for credit card purchases made in foreign currency.
CEPAL: Venezuelan Economy Will Shrink 6.9% in 2016
The Comision Economica para America Latina y el Caribe [Economic Commission for Latin America and the Caribbean] (CEPAL) released a report today in which it estimates that the Venezuelan economy will contract by 6.9% in 2016.
The same report predicts that Latin America and the Caribbean in general will see an economic contraction of 0.6% this year.
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