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Alvaro Enrique Saldivia Lopez

Jan 31, 2024

Nicolás Maduro’s polítics have stabilized the economy. The revolutionary president shares economic data showing stability, growth, and victories for the wellbeing of the working class.

Revolutionary Resilience

In the 2023 Report and Account of the Bolivarian Government, President Nicolás Maduro Moros emphasized significant achievements in implementing his economic policy

Despite the genocidal blockade, accumulating 960 coercive illegal unilateral measures, plus the theft and piracy of Venezuelan assets like CITGO in Yankeeland and accounts in the Imperial core, the efforts have borne fruit. The politics of the Bolivarian Revolution have benefited the pockets of the working-class majority. In December 2023, Venezuela's monthly inflation was 2%, while Argentina's was 24%.

While 15.5 million Venezuelans traveled to beaches and national parks during holiday vacations, the working class of Argentina, in the midst of revolution, experienced a descent into extreme poverty. Internal tourism in Javier Milei's Inferno of Argentina hovered near 15%, compared to the previous year, and vacancy reached 20-30% in places that used to be 100% full all season.

Comprehensive economic growth in Venezuela surpassed 5% in terms of GDP, positioning it as the leader in growth among Latin American and Caribbean nations in the year 2023.

Accumulated inflation, meanwhile, concluded the year at 189.8%, marking a reduction of 44.2 points from 2022, where it stood at 234%, according to the Central Bank (BCV) report.

Despite a declining trend in inflation, Venezuela still holds the second-highest rate in the region, surpassed only by Argentina (211%). However, it's crucial to consider the context of Venezuela's inflationary behavior—the economy remains under the US-imposed unilateral and illegal coercive economic measures known as "sanctions." In 2018, during the peak of the "maximum pressure," the indicator exceeded 130,000%.

The overall complex situation suggests that stabilizing the national economy involves containing specific interrelated markers, aligning with the strategy of the revolutionary Bolivarian government in Caracas.

Diversity of Currencies in Circulation

The growth and inflation variables are intricately tied to the monetary policy of the central government, with their initial action being the repeal of the Foreign Exchange Illicit Law in 2018 by the then National Constituent Assembly (ANC).

Its repeal was a milestone, signifying a shift in the restrictive economic policy regarding the use of foreign currencies in the real economy, and which resulted from the dismantling of the official exchange rates implemented by the national government until that year. These rates were designed to govern the value of the Bolívar against foreign currencies, primarily through the use of parallel markers that intensified devaluation significantly.

In 2018, the Venezuelan government pragmatically acknowledged the objective reality of its political and economic situation. During that year, efforts were intensified in the development of the blockade against Venezuela, a plan that had been orchestrated in previous years but gained serious emphasis from August 2017 when US President Donald Trump imposed measures against PDVSA and the national financial structure.

Since then, the free-floating of currencies and a tolerance of their circulation in the real economy have influenced the behavior of the Exchange Rate. This approach has reduced pressures for devaluation and uncertainty.

Exchange Tables

In 2019, the Exchange Tables method was created, gaining greater deployment in 2020. The intention was to allow the private sector and private actors to buy and sell foreign currencies without major restrictions in public and private banking from the country.

A significant achievement in the monetary policy of the last three years has been the governance of the Exchange Rate price reference systems. The Bolivarian Government and the BCV have ensured that, in the vast majority of formal businesses, the reference price for the Exchange Rate in commercial operations is the average rate offered by the BCV itself.

In this regard, the year 2023 marked a unique milestone: the Exchange Table system experienced the smallest variation in the accumulated percentage increase in the North American currency since its inception. This is evident in the following graph, based on data published by President Nicolás Maduro Moros himself.

In 2023, the Exchange Rate showed the least upward variation in recent years. In 2019, there was a significant devaluation of 7,188%, primarily due to a lack of monetary governance influenced by the parallel dollar.

However, in 2023, the accumulated variation decreased to 205.6%, marking the lowest devaluation in the Bolívar against the dollar over the past decade.

The coercive context against Venezuela remains unchanged, with no lifting of the blockade. Since October 2023, there has been a limited, partial, and temporary relaxation of some restrictions, especially in the oil field.

Economic Warfare has left a mark

Venezuela's crude oil production and exports remain below pre-blockade levels, highlighting the impact of the Rentier-oil Model sustaining the exchange system with resources allocated by the national executive.

In 2023, oil revenues saw modest growth, with PDVSA contributing $6.23 billion—significantly lower than the $56 billion in 2014.

With a limited state contribution, the exchange system is predominantly fueled by the private sector. In 2023, currencies traded through the Exchange Tables from private individuals and legal entities surged to $14.577 billion.

Change Tables 2023: Private contributions play a crucial role in the national exchange system.

With comrade Nicolás Maduro at the helm, Venezuela has achieved economic stabilization, overcome a deadly and illegal blockade, achieved 5% GDP growth, and reduced inflation, while emphasizing the role of diverse currencies and leveraging private sector contributions in sustaining vibrant Venezuela's market socialist economy.

Stay tuned for Part 2 of Economic Data Shows Venezuelan Growth and Victories.

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