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Bloomberg reported that Maduro's costly campaign spending on advertising and events caused the Central Bank of Venezuela to sell stockpiled US dollars, leading the parallel market for the Venezuelan bolívar to trade weaker than the official market and threatening to reignite an inflationary cycle. [192]
The value of one US dollar in Venezuelan hard bolívares (before 20 August 2018) and sovereign bolívares on the parallel (or black) market through time. Vertical lines represent every time the currency has lost 99% of its value, which has happened five times since 2012.
The value of one U.S. dollar in Venezuelan bolívares fuertes (before 20 August 2018) and bolívares soberanos on the parallel (or black) market through time. Blue and red vertical lines represent each time the currency has lost 99% of its remaining value, which has happened five times since 2012.
Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated US$14.3 trillion worth [28] of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. [29]
During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%. [35] The production of steel and aluminium of multiple Venezuelan steelmakers dropped in 2014, with the state-owned steelmaker Sidor having a drop in production of 33.5%, the lowest levels since the 1980s.
The Central Bank of Venezuela said in a statement that the introduction of the new banknotes will "make the payment system more efficient and facilitate commercial transactions." [59] The highest denomination banknote (Bs.S 50,000) is worth US$8 on the black market and is more than the minimum wage of Bs.S 40,000 per month. [59]
Venezuela capital Caracas' largest produce market is at the center of a worsening COVID-19 outbreak, but cash-strapped merchants refuse to stop hawking food there for the city's 5 million ...
The United States then increase sanctions on Venezuela [68] and economic conditions drastically deteriorated due to the sanctions. [83] NPR, following a February 2019 statement by President Trump suggesting that members of the Venezuelan armed forces join Guaidó, described such comments as "the latest push for regime change in Venezuela."