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Top related persons:
Nicolas Maduro - 2 Maduro - 2 Mayela Armas - 2 Gaby Oraa - 1 Sintesis Financiera - 1 PDVSA - 1 Jose Vielma - 1 PSUV - 1
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Venezuelan Petare Caracas Venezuela Rights CARACAS United States Washington CARACAS
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Thomson - 2 REUTERS - 1 Rights - 1 Venezuelan Finance Observatory - 1 U.S . - 1

Search resuls for: "Sintesis"


5 mentions found


☆ With elections coming and relaxed sanctions, Venezuela is set to raise social spending
  + stars: | 2023-11-09 | by ( Mayela Armas Deisy Buitrago | Mayela Armas | Deisy Buitrago | ) www.reuters.com   time to read: +5 min
The relaxed sanctions could lead to $1.4 billion in additional income for Venezuela over the next six months, analyst firm Sintesis Financiera said in a report. The additional oil income is expected to arrive gradually, partly though the redirection of exports. "The contribution will go to social spending and services." The government has traditionally increased social spending, public sector salaries, food distribution and housing construction projects ahead of elections, though national income has been limited over the last five years because of the sanctions and problems at PDVSA. Public spending has fallen to 15% of gross domestic product from 40% a decade ago, according to economic analysts.
Persons: Gaby Oraa, Nicolas Maduro, Sintesis Financiera, PDVSA, Jose Vielma, PSUV, Ecoanalitica, Oswaldo Ramirez, Jose Guerra, Maduro, Mayela Armas, Deisy, Julia Symmes Cobb, Rosalba O'Brien Organizations: REUTERS, Rights, Venezuelan Finance Observatory, Thomson Locations: Petare, Caracas, Venezuela, Rights CARACAS, Venezuelan, United States, Washington
☆ Venezuela's bolivar weakens against the U.S. dollar as inflation rages
  + stars: | 2023-08-03 | by ( ) www.reuters.com   time to read: +1 min
CARACAS, Aug 3 (Reuters) - The Venezuelan bolivar weakened to 30 units per dollar, the central bank said on Thursday, marking the latest descent for the beleaguered local currency as the economy suffers one of the world's highest inflation rates. Over the past seven months, the bolivar has depreciated by a third compared with the U.S. dollar, according to analysts consulted by Reuters. They have also tried to make foreign currency more readily available to local banks, but the strategies have not tamed the country's galloping inflation rate. Since early this year, the central bank has offered local banks about $1 billion, according to local firm Sintesis Financieras. Meanwhile, U.S.-based oil major Chevron (CVX.N), which operates in the country, has posted foreign currency sales of around $400 million from February to July.
Persons: Venezuelan bolivar, bolivar, Nicolas Maduro, Maduro's, Sintesis, Maduro, Mayela Armas, Carolina Pulice, David Alire Garcia, Leslie Adler Organizations: U.S ., Reuters, Thomson Locations: CARACAS, Venezuelan, U.S, Chevron
☆ Chevron export earnings boost supply of US dollars in Venezuela -sources
  + stars: | 2023-05-02 | by ( Mayela Armas | ) www.reuters.com   time to read: +3 min
Companies Chevron Corp FollowCARACAS, May 2 (Reuters) - Some of U.S. oil major Chevron Corp's (CVX.N) export earnings from its Venezuela operations are bolstering supplies of U.S. dollars in the South American country, three sources with knowledge of the matter told Reuters. Chevron operates in Venezuela, which is under U.S. sanctions, with special authorization from Washington. The central bank also sells dollars, mostly the product of oil sales. According to local consulting firm Sintesis Financiera, the central bank offers between $40 million and $50 million per week. The central bank did not respond to requests for comment.
☆ Venezuela need for dollars helped spark PDVSA graft probe -sources
  + stars: | 2023-03-24 | by ( Mayela Armas Vivian Sequera | Mayela Armas | Vivian Sequera | ) www.reuters.com   time to read: +4 min
He was replaced by Pedro Rafael Tellechea, who had been named to head PDVSA in January. Maduro said that his government was committed to "going to the root" of corruption, calling the probe which began last year "professional, scientific and disciplined." The Finance Ministry, the central bank, and PDVSA did not respond to requests for comment. It is unclear whether the corruption probe and contract review will concretely improve PDVSA's cash flows in the near future. PDVSA last year delayed cash payments in dollars to several of its suppliers because of dwindling income.
☆ 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.
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