LatinNews Regional Monitor: Andean Group - 28 April 2020

* Venezuela’s labour minister, Eduardo Piñate, has confirmed that the national minimum wage will be increased from Bs450,000 (US$2.65) to Bs800,000 per month, starting from 1 May. Venezuela’s rampant inflation had been slowing in recent months, but with the country’s central bank (BCV) reporting on 24 April that the coronavirus (Covid-19) pandemic and falling international oil prices had caused a further surge in prices, the de facto government led by Nicolás Maduro has decided to almost double the minimum wage to try to maintain Venezuelan's purchasing power – although this is likely to further fuel inflation. Antonio Suárez, president of the national federation of public employees (Fenasep), said the increase will do little to help workers buy food, even with the imposition of new price controls on 26 April in response to widespread shortages, and insisted that the minimum wage should be set in US dollars, to guarantee food security.

End of preview - This article contains approximately 154 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial