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LatinNews Regional Monitor: Andean Group - 21 August 2018

In brief: Venezuela

Venezuela: The Federación de Cámaras y Asociaciones de Comercio y Producción (Fedecámaras), Venezuela’s main business owners’ lobby, has warned that the country’s businesses are facing bankruptcy following the latest economic measures decreed by President Nicolás Maduro. The warning came as the new national currency system based on the ‘bolívar soberano’ formally came into effect in Venezuela yesterday, along with the latest series of tax reforms and minimum salary increases announced by Maduro last week. The Fedecamáras president, Carlos Larrazábal, said that the new measures not only increase the tax burden on the business sector but also increase economic uncertainty in the country as it is unclear if the introduction of the bolívar soberano (which has five less zeros than the previously used bolívar fuerte) will succeed in reigning in domestic inflation, as the Maduro government has claimed. According to Larrazábal, the economic measures announced by Maduro are “incoherent” and “there is no confidence that the measures will be effective in reducing inflation”.

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