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LatinNews Regional Monitor: Andean Group - 1 May 2018

In brief: Venezuela

Venezuela: President Nicolás Maduro has decreed a 95% increase in the minimum salary, which also includes bonuses for low-income families, taking it to the nominal value of BF2.5m per month, effective from 1 May. Despite the increase, the new value of the minimum salary in US dollar terms at the official exchange rate remains unchanged at US$37 (and at US$3.2 at the black-market exchange rate). President Maduro said that the new salary increase, the third increase he has decreed this year, would help to alleviate the effects of the “economic war” being waged against his administration by the “international neoliberal oligarchy and the International Monetary Fund”, which he blames for the hyperinflation in Venezuela (estimated to be running at around 453.3% to March). The announcement came with just 20 days to go before the 20 May presidential election being organised by the Maduro government and has been interpreted as an attempt to shore up public support for Maduro, who is seeking re-election.

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