CARACAS, May 18 Venezuelan companies that are
holding cash in dollars to protect themselves from
hyperinflation have started paying as much as 7% to have those
funds transferred into overseas bank accounts, according to six
people with knowledge of the situation.
CARACAS Venezuelan mayors desperate for cash are levying hefty tax hikes and launching aggressive collection campaigns that have spurred complaints from businesses already struggling to stay afloat in an economy battered by economic crisis and the global pandemic.
CARACAS Venezuelan President Nicolas Maduro is pressing banks to implement digital payment systems as hyperinflation prompts chronic shortages of cash in the bolivar currency, three people familiar with the talks told Reuters.
CARACAS, Jan 27 A group of Venezuelan banks have
started issuing debit cards to clients who have accounts in hard
currency, a move quietly backed by authorities who want to
extend the use of dollars in routine transactions, sources
familiar with the measure said.
Venezuelan officials have met in recent months with small domestic oilfield contractors to propose letting them operate fields owned by state-owned PDVSA while pocketing part of the proceeds, according to six people with knowledge of the talks.
CARACAS Venezuelan tax offices stand deserted, classrooms lack teachers, and utility bills go uncollected, as meager civil servant salaries drive chronic absenteeism and resignations in the hundreds of thousands.
CARACAS Venezuela's government is encouraging private firms to sign import and export deals with companies in Asia and the Middle East as part of an effort to limit the impact of U.S. sanctions, according to four sources with knowledge of the matter.
CARACAS Venezuelan professionals from biologists to lawyers have turned to making food and face masks or selling cleaning products as the coronavirus quarantine further weakens an economy already struggling under a six-year recession.
CARACAS Three small investment funds have started buying defaulted Venezuelan bonds as hopes of a change of government are fading and the South American nation is proposing a restructuring, according to sources and documents.
CARACAS, Oct 12 Three small investment funds
have started buying defaulted Venezuelan bonds as hopes of a
change of government are fading and the South American nation is
proposing a restructuring, according to sources and documents.