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Resurgent inflation is devouring the income of Venezuelans - even the relatively privileged ones like Mendoza who have access to U.S. dollars. That is leaving them hungry and struggling to buy food and medicine, they told Reuters. "Neither dollars or bolivars are enough. Many Venezuelans were left to scour through garbage to find food, and millions fled the country to build new lives across South America and beyond. "Whether you pay in bolivars or dollars it is not enough," Lochunga said, sitting in front of his stall.

☆ Venezuelan liquor cocuy is winning awards, but producers face hurdles
▼ + stars: | 2023-02-27 | by ( Keren Torres | ) www.reuters.com time to read: +5 min

Venezuela's cocuy producers, however, say limited wild crops and the labor-intensive process of making the drink without additives - the prize-winning version of the liquor - are complicating efforts to increase output. Producers say there is no data on annual national production or sales because much of cocuy output is made for local consumption. A liter of 100% agave cocuy can sell for between $18 and $60, while its production costs average about $12 without commercialization costs. Of the 365 cocuy producers in Lara, whose arid and semi-arid climate makes agave abundant, just 70 make the liquor with 100% agave. The difficult production process begins by cutting back the plant's leaves to reach its "head," said Siquisique producer Nelson de la Rosa.

☆ Venezuelans say credit cards that were once lifeline now 'useless'
▼ + stars: | 2023-02-13 | by ( Mayela Armas | ) www.reuters.com time to read: +4 min

"They are useless," administrator Lina Pereira, from the central city of Valencia, said of her two credit cards, which both have low limits. "My parents bought appliances and computers with their credit cards, but that's a memory for Venezuelans." As incomes have fallen and living costs have grown, credit cards have become vital for many people to make everyday purchases in supermarkets and pharmacies, even as credit limits stagnate and some banks eliminate the cards altogether. In 2012 that figure was 12% in Venezuela, while in countries like the Dominican Republic and Bolivia credit cards currently account for 5% of banks' credit portfolios, according to those country's regulators. "With the limit on cards you can't even pay for lunch," said Gregorio Afonso, a 53-year-old university professor who has two local credit cards and an income of $20 monthly.

☆ Venezuela's inflation slows to 234% in 2022, vice president says
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Jan 23 (Reuters) - Inflation in Venezuela hit 234% in 2022, Vice President Delcy Rodriguez said on Monday, representing a slowdown from the previous year, as the South American country struggles with a deep and lengthy economic crisis. Rodriguez provided the inflation rate during a meeting with Turkish and Venezuelan business leaders. Venezuela's central bank infrequently publishes economic data, and has not given inflation data since October. Government spending has also sped up and demand for dollars is outpacing the central bank's foreign currency reserves. Inflation in 2021 was more than 686%, according to the country's central bank.

REUTERS/Leonardo Fernandez ViloriaCARACAS, Jan 21 (Reuters) - Colombia and the National Liberation Army (ELN) rebel group said on Saturday they will resume peace talks in Mexico next month, overcoming a recent impasse after the government recently declared and then called off a bilateral ceasefire. There was a first cycle of talks last year in Caracas to end the guerrillas' part in nearly six decades of war. The about-face on the ceasefire came after ELN said it had not agreed to it. "In said cycle, the issue of society's participation in peace building will be addressed. Colombia and the ELN said they would jointly examine progress in implementing agreements reached during the first cycle of talks and agreed to keep communication channels open even when not at the negotiating table.

☆ Venezuela releases ex-interior minister from prison; he will go to Spain
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Jan 21 (Reuters) - A Venezuelan court on Saturday released former Interior Minister Miguel Rodriguez Torres from jail after he was imprisoned for nearly five years, allowing him to travel to Spain, relatives of the former official said. The retired army General served as interior minister in 2014 but later broke with President Nicolas Maduro. A relative said Rodriguez Torres would move to Spain, without providing further details. In 2019, Rodriguez Torres went on hunger strike in protest over being held incommunicado. Rodriguez himself faced sharp criticism for treatment of detainees while he was interior minister during a wave of opposition protests in 2014, which human rights groups say included arbitrary detentions and beatings during imprisonment.

☆ Venezuelan opposition to pay debts to law firms, leader says
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Jan 9 (Reuters) - The president of Venezuela's opposition national assembly, Dinorah Figuera, said on Monday a new committee meant to manage the country's assets abroad will pay off debts to law firms in the United States. Venezuela owes some $20.7 million to U.S. law firms representing it in fights against creditors. The committee is a key part of recent moves by the opposition legislature, which appointed Figuera and two vice presidents last week after disbanding the interim government of Juan Guaido. The United States has so far protected Venezuela's state-owned oil refiner Citgo Petroleum from creditors, a protection the opposition hopes the United States will extend when it expires this month. In a statement on Monday, the U.S. Treasury Department renewed permission for U.S. citizens to engage in business with the opposition assembly and the boards it appoints.

Guaido in 2019 won the recognition of scores of nations including the United States after the widely disputed election that kept Nicolas Maduro in power. The removal of the interim government "ended up undermining attachments among opposition leadership," said Piero Trepiccione, of Caracas' Gumilla thinktank. The opposition, many of whose leaders are in exile or barred from politics, has not held a primary for a decade. The United States has said it will continue to recognize the opposition assembly. Changing the presidential election to this year instead of next may also serve Maduro, Nicholas Watson of consulting firm Teneo said in a report.

☆ Venezuela owes over $20 mln to law firms on guarding overseas assets
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] PDVSA's U.S. unit Citgo Petroleum refinery is pictured in Sulphur, Louisiana, U.S., June 12, 2018. Some U.S. courts have granted creditors rights to negotiate the sale of Venezuelan assets abroad in order to collect debts, such as the Citgo refinery, the crown jewel of Venezuela's overseas assets, and a subsidiary of PDVSA. In the document, a report from the interim government's prosecution team, the lawyers say failure to pursue the lawsuits would risk losing the overseas assets. Opposition groups maintain that control of overseas assets is not at risk, despite last month's removal of the interim government, though they have not given details of what will happen with ongoing litigation. Reporting by Vivian Sequera and Mayela Armas; Writing by Sarah Morland Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Leonardo Fernandez ViloriaCARACAS, Jan 5 (Reuters) - Venezuela's opposition national assembly on Thursday appointed three exiled lawmakers to direct it and create a commission to control foreign assets, including oil refiner Citgo (PDVSAC.UL). The assembly voted last week to remove Juan Guaido, the public face of the fractious opposition since 2019, as its interim president. The new leadership triumvirate is assembly president Dinorah Figuera and vice-presidents Marianela Fernandez and Auristela Vasquez - from opposition parties Justice First, A New Era and Democratic Action respectively. The new leadership will designate a five-member commission to manage foreign assets like Citgo, a subsidiary of state-owned oil company PDVSA. Because of its backing abroad, the opposition is able to control foreign assets based in other countries, like $1 billion in gold stored at the Bank of England.

☆ Venezuela inflation accelerating, heightening risk of return to hyperinflation, economists say
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Jan 5 (Reuters) - Venezuelan consumer prices rose at a sharp 37.2% clip in December from November, heightening the risk of a return to hyperinflation, according to estimates by the Venezuelan Finance Observatory, a non-governmental group of economists. The private inflation estimate is key since Venezuela's central bank, which in October said annual inflation hit 155%, one of the highest rates globally, has not released consumer price data since then. For nine consecutive months, consumer price inflation was in the single digits thanks to strict policies implemented by President Nicolas Maduro's government, anchoring the exchange rate, limiting public spending and increasing taxes. After the policies were rolled out, authorities said Venezuela had emerged from a four-year streak of hyperinflation. The central bank did not respond to a Reuters request for comment.

☆ After years, private vehicles start crossing Colombia-Venezuela border again
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Juan Pablo BayonaURENA, Venezuela, Jan 1 (Reuters) - Private vehicles started crossing between Colombia and Venezuela for the first time in years on Sunday, marking the total opening of the shared border, in addition to cargo and people that have been transiting. The full opening of the common border follows years of tense relations between the two countries that have eased after Colombian President Gustavo Petro, a leftist, took office in August last year. German Umana, Colombia's commerce minister, told reporters at the crossing that the move would be positive for the economies and societies of both countries. "We will never allow it again," Umana said in reference to closure of the border. Late last year, Colombian and Venezuelan authorities authorized the opening of the crossing on the Atanasio Girardot bridge, known as Tienditas, the western Venezuelan border state Tachira state.

☆ Venezuela opposition removes interim President Guaido
▼ + stars: | 2022-12-31 | by ( Mayela Armas | ) www.reuters.com time to read: +2 min

Supporters say opposition control of foreign assets is not at risk and the dissolution is necessary for unity ahead of the elections. "There are already tools to protect the assets in the United States, the United Kingdom, Portugal," said Justice First lawmaker Juan Miguel Matheus. Both the article eliminating the interim government and the article creating the assets commission passed with 72 votes in favor, 29 against and 8 abstentions. Guaido, whose Voluntad Popular party did not back the effort, had urged lawmakers to replace him instead of dissolving the interim government. The United States will continue to support the opposition, the assembly and the interim government "regardless of what form it takes," a spokesperson for the U.S. National Security Council said on Friday.

☆ Venezuela and Colombia fully reopen shared border
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Dec 31 (Reuters) - Venezuela and Colombia will fully reopen their shared border on January 1 to allow passage of cargo and passenger transport via the cross-border Tienditas bridge, Colombia Migration said in a statement on Saturday. The South American countries already reopened in September their border crossing in the Tachira state, in western Venezuela, after political ties strengthened under Colombia's new president, Gustavo Petro. Colombian authorities have said since September that the reopening of the shared 2,200 kilometers (1,367 miles) border between the two countries would be progressive. Elsewhere, people and cargo can already cross the border via two bridges in Tachira as well as the western Zulia state. The commercial exchange between the two countries is worth around $580 million, according to official data from Colombia.

☆ Venezuela foreign assets will not pass to Maduro -opposition
▼ + stars: | 2022-12-29 | by ( Vivian Sequera | ) www.reuters.com time to read: +2 min

CARACAS, Dec 29 (Reuters) - Opposition lawmakers in Venezuela seeking the removal of Juan Guaido as the country's interim president said on Thursday that foreign assets will not pass to the government of President Nicolas Maduro if Guaido is removed from his post. Three of four major opposition groups - Justice First, Democratic Action and A New Era - are backing a bill to oust Guaido and create a five-member commission to manage foreign assets, especially U.S.-based refiner Citgo, a subsidiary of state-owned oil company PDVSA. The effort received initial approval from the assembly last week, despite warnings from Guaido that Maduro could take control of assets abroad, but must be voted on a second time. But Maduro has remained in control of nearly all Venezuela's institutions, including its security forces, and Guaido's interim government, which has control over some foreign assets and runs many embassies, has seen international support wane. The Supreme Court in the United Kingdom - where Maduro has sued for access to the gold - has ruled British courts are bound to accept their government does not recognize Maduro as Venezuela's president "for any purpose."

☆ Venezuela opposition vote to remove Guaido's interim government
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

Acting as congress chief and interim president following Nicolas Maduro's disputed re-election as president in May 2018, Guaido in 2019 appointed the board of Citgo, a subsidiary of state oil firm PDVSA. While mostly powerless at home where Maduro's government exercises control over nearly all institutions, including security forces, Guaido's interim government has supervised the foreign assets and runs many embassies. If approved next week, opposition lawmakers will then choose five representatives for the board of directors that will head assets held abroad, and Guaido's interim presidency, along with his government, will be removed. Guaido has been the face of Venezuela's opposition abroad since he declared himself interim president in 2019. Talks between the opposition and Maduro's government hosted by Mexico ended earlier this month with no further negotiations scheduled.

CARACAS, Dec 21 (Reuters) - Venezuelan opposition parties are seeking to remove Juan Guaido as head of Citgo, the country's most important asset abroad, and block his interim government from extending its mandate by another year, spokespeople from the country's main opposition parties said on Wednesday. But opposition political parties propose instead to replace Guaido with a commission of five parliament-appointed members to govern Citgo's assets, and block the one-year extension. Parties looking to replace Guaido have proposed delegating the functions of the interim government to the new commission. Three of Venezuela's largest opposition parties support the motion, Marquina said, while the fourth - which Guaido belongs to - supports the interim government. Guaido's failure to extend his leadership may spell trouble for the boards controlling those assets, whose legitimacy rests on the recognition of Guaido as Venezuela's interim leader.

☆ Venezuela opposition demand date to resume dialogue with Maduro in Mexico
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Dec 4 (Reuters) - Venezuela's opposition asked President Nicolas Maduro's government to set a date to resume political talks in Mexico that could alleviate the county's long-running political and economic crises. Government and opposition delegates met in Mexico City on Nov. 26 after more than a year of hiatus, and signed a "social agreement", but did not announce a date to meet again. The opposition later said they would meet with the ruling party in December. The head of the opposition delegation, Gerardo Blyde, said this week that talks would enter a challenging phase including political issues and human rights. "We demand that Nicolas Maduro not continue delaying the commitment assumed in Mexico and proceed immediately to set the date, within the month of December, to continue the negotiation with the political and freedom agenda as agreed," the opposition said.

☆ Longtime Caracas bakeries enjoy sweet benefits of dollarization
▼ + stars: | 2022-12-01 | by ( Mayela Armas | ) www.reuters.com time to read: +3 min

CARACAS, Dec 1 (Reuters) - After years of struggle, veteran bakeries in Venezuela's capital Caracas are cooking up a variety of delectables, in the latest sign that the country's slight economic boost is reviving some family-owned small businesses. Dollarization meant freedom from the troughs and peaks of Venezuela's local currency, extra dough for spending in some sectors, and greater ease for importing certain ingredients, like wheat flour. Processing and distribution of wheat flour was under state control for years and supplies were intermittent, leading to lower production, while Venezuelans saw bread rationed. Venezuela imports wheat flour for processing. Despite the county's economic improvement, low salaries remain a hurdle for bakeries looking to grow.

☆ Venezuela's anti-inflation efforts dealt blow as currency tumbles
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +2 min

For months, President Nicolas Maduro's administration has sought to fight inflation by anchoring the bolivar's exchange rate. It has increased the supply of foreign currency cash in local banks and limited the expansion of credit and public spending. The local currency has depreciated 17% since October, and 55% so far this year. Both economists said the government may be fine with letting the exchange rate slide a little more, if it allows them to spend again. The central bank did not immediately respond to a request for comment.

☆ Venezuela's monthly inflation slows to 6.2% in October
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Nov 4 (Reuters) - Venezuela's monthly inflation in October hit 6.2%, a sharp slowdown from September when prices rose 28.7%, according to data released on Friday by the country's central bank. President Nicolas Maduro's government has tapped the brakes on inflation with orthodox economic policies aimed at exchange-rate stabilization, reduced public spending and tax hikes. Year-on-year inflation stood at 155.79%, according to Reuters calculations based on central bank figures, the highest in the Latin American region. High prices coupled with a de facto dollarization in some sectors have severely widened wage gaps between public and private sector workers. The minimum wage is equivalent to about $15 per month and has not been revised since last March.

[1/2] Venezuela's President Nicolas Maduro speaks at the meeting with Colombia's President Gustavo Petro (not pictured) at Miraflores Palace, in Caracas, Venezuela November 1, 2022. "We are working on resuming the dialogue process in November," said one of the people familiar with the arrangements. Maduro and Colombia President Gustavo Petro said in a joint statement on Tuesday they hoped for "a successful return" to the dialogues. This makes resumption of talks crucial for the opposition coalition, which has been diminished by exile, imprisonment of leaders, internal fractures and lack of funds. The talks were abandoned by Maduro's envoys a year ago after disagreements over the extradition of an ally of the Venezuelan president who faces money laundering charges.

Migrants arriving at the U.S.-Mexico border are prompting U.S. President Joe Biden's administration to call for unfreezing Venezuelan funds held in foreign banks that would provide needed food and medicine, the sources told Reuters. It also has some in Venezuela's opposition parties worried about the political impact of releasing funds that Maduro could claim credit for ahead of a potential 2024 presidential election. The United Nations drafted a first proposal to oversee the fund in mid-October, the sources told Reuters. Opposition envoys discussed the aid package with U.S. officials during their meetings last week in Washington, four of the sources said. For the United Nations, it could become one of the largest funds ever handled, even though the total amount that could be legally released is not clear.

☆ Lack of credit sends Venezuelan businesses seeking loans abroad
▼ + stars: | 2022-09-28 | by ( Mayela Armas | ) www.reuters.com time to read: +3 min

CARACAS, Sept 28 (Reuters) - Venezuelan business owners struggling to get access to credit amid their country's continued economic crisis are seeking loans through foreign banks, business people and finance industry sources told Reuters. Large companies in need of financing have begun seeking loans from foreign banks with local partners or connections, private sector and finance sources said. Several companies seeking credit are from the agricultural sector and need the funds to purchase wheat, fertilizers and other goods from abroad, three sources said. U.S. sanctions imposed in 2019 are focused on limiting Maduro's access to financing and do not prohibit private Venezuelan companies from operating abroad. "The government transfers the biggest burden of its adjustment plan to the private sector by restricting credit for companies and consumer credit, which partly affects households," said economist Daniel Cadenas.

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