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LatinNews Regional Monitor: Andean Group - 15 January 2019

In brief: Venezuela

Veneuzela's de facto president, Nicolás Maduro, has announced a 300% increase in the minimum wage which comes into effect today (15 January), raising it from BS$4,500 to BS$18,000 (US$20.9 at the official exchange rate). Maduro has also said that he intends to increase Venezuela’s oil production to 5m barrels per day (bpd) by 2025, which would represent a 340% increase on current output. Maduro made these announcements during his annual speech before Venezuela’s government-controlled national constituent assembly (ANC), in which he presented his plan for his 2019-2025 presidential term, which is considered illegitimate by Venezuela's opposition-controlled national assembly (AN) and much of the international community.