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Maduro described dollarization as an "escape valve" that helps the recovery of the country, the spread of productive forces in the country and the economy. However, Maduro said that the Venezuelan bolívar remained as the national currency. [47]
President Chávez expressed optimism about Venezuela's recovery, [92] although the International Monetary Fund (IMF) projected that Venezuela would be the only country in the region to remain in recession that year. [93] The IMF described Venezuela's economic recovery as "delayed and weak" compared to other countries in the region. [94]
Shortages in Venezuela of food staples and basic necessities occurred throughout Venezuela's history. [6] Scarcity became more widespread following the enactment of price controls and other policies under the government of Hugo Chávez [7] [8] and exacerbated by the policy of withholding United States dollars from importers under the government of Nicolás Maduro. [9]
As U.S. companies have exited Venezuela, they have been replaced by actors from China, Russia and Iran, further entrenching Maduro’s regime and reducing U.S. influence in the region.
Maduro, who both Venezuela's electoral authority and top court say won the election, has scoffed at concern from the U.S. and others. Last year is not the first time the U.S. has doubted the ...
Venezuela’s economy is once again going down hill, after a brief recovery fueled the regime’s de-facto dollarization in 2019. Last year, the country had a 193% inflation rate, ...
The United States has been Venezuela's most important trading partner despite the strained relations between the two countries. American exports to Venezuela have included machinery, agricultural products, medical instruments and cars. Venezuela is one of the top four suppliers of foreign oil to the United States.
In spite of such pressure, many courageous Venezuelans are prepared to stay engaged in the battle for democracy and human rights from within Venezuela. The United States can help if it reinforces ...