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Maduro announced last week that his government was postponing the monetary conversion originally scheduled for June 4
CARACAS. The National Assembly of Venezuela (AN, Parliament) on Tuesday asked the president Nicolás Maduro to suspend "immediately" the monetary conversion that will eliminate five zeros to the bolivar, at the time which required that "take the necessary steps" to control the galloping inflation that strikes the country.
The House, which controls the opposition, approved, during a session interrupted by a power outage, an agreement that imposes on the executive branch "the immediate suspension of Presidential Decree No. 3.548 which establishes a new monetary reconversion. "
The government must take serious action, it is not sinvergüenzur remove five zeros to the currency (…), this is not the output, it brings more of anxiety to Venezuelans, "said Deputy Rafael Guzman in the middle of the debate on this measure which aims to facilitate transactions in the Caribbean country
The government knows that this conversion is inapplicable."
L & Legislative agreement also required "that autonomy be returned to the Central Bank of Venezuela and that the necessary steps be taken to control the" hyperinflation "suffered by the nation, which, according to the IMF, is will end up at 1,000,000% in 2018.
We also recommend reading: What does this mean and what is Venezuela's currency conversion? [19659005] Maduro announced last week that his government has postponed the monetary reconversion originally scheduled for June 4, and that it will eliminate the five bolivar zeros instead of the three that he said in March when he reported
This conversion will come into effect on August 20 and, according to the Venezuelan government, this new "sovereign" bolivar will be "anchored" in the cryptocurrency created by Maduro and rejected by the United States. [19659005Leprésidentaégalementdemandéàl'Assembléenationaleconstituante(ANC)aupouvoirderéformerlaloiduchangementquirégitlepaysdepuis2003etderecenserlesvéhiculesautomobilesafindepromouvoir"l'usagerationnel"del'essenceestsuffisantpourremplirplusde700réservoirsde40litres
Confusing Venezuela with new monetary reconversion
But Guzmán, president of the Finance Committee of the AN, dismissed these measures as "isolated" and "irresponsible", and insisted that they will not stop inflation and, on the contrary, may "worsen" the problem of the scarcity of money ".
Overall, the AN agreement also requires that once contro "Venezuela, the country with the largest oil reserves on the planet, is suffering from a severe crisis economic that results in a shortage of staple foods and drugs, hyperinflation and terrible performance For this reason every day in the country dozens of protests from citizens, who ask for water, electricity, transportation, medicines, food and better wages, among other demands.
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