16/01/14 19:07 CET
| updated xx mn ago
| updated at xx
Venezuela’s Socialist President Nicolas Maduro has just named an army general as the new finance minister to fight an economic crisis that includes soaring inflation.
He also pledged there would be no currency devaluation this year despite a rampant black market for dollars.
Shoppers face empty shelves because government price caps and currency controls – intended to help Venezuela’s poor – mean there is a shortage of dollars needed to import products.
Food shortages are compounded by inadequate domestic production.
The economy of the energy rich country grew by an estimated 1.6 percent last year, down from 5.6 percent in 2012. Annual inflation was 56.2 percent.
Analysts say a devaluation of Venezuela’s currency is long overdue to rectify distortions in the economy, but Maduro has ruled that out. He blames corruption and sabotage along with speculators and hoarders for the problems.
- 1Braking bad: auto industry plagued by scandals
- 2How abolishing taxes saved a dying Hungarian village
- 3Saudi Arabia responds to low oil prices with economic reform plan
- 4VW counts cost of emissions scandal as other German carmakers join massive recall
- 5As iPhone sales slide, what is Apple’s next big money maker?
Wires > Business
- 07:30 CET Vodafone picks BofA, Kotak, UBS, other banks for India IPO: sources
- 22:16 CET Apple’s stock suffers worst week since 2013
- 21:50 CET Deutsche Boerse retracts merger comment at UK request
- 20:49 CET VW executive committee balks at Qatar’s push for seat – sources
- 19:06 CET UK first quarter motor insurance premiums slip – AA
- 19:01 CET UK’s Co-operative Bank names Liam Coleman as likely CEO successor
- 18:58 CET Tame U.S. inflation bolsters Fed caution on rate hikes
- 18:47 CET EU watchdog says clearing houses resilient, tougher daily checks…