Venezuelan
President Nicolas Maduro congratulated both public and private
banking sector for their efficiency in currency reconversion.
Venezuelans
took to the streets of Caracas Tuesday in a show of support for the
new economic reforms that took effect a day earlier as part of the
government's Economic Recovery Plan that seeks to address the
financial struggles facing the country and fight back against the
economic war and sanctions targetting Venezuela by the U.S. and its
regional right-wing allies.
A day
earlier President Nicolas Maduro addressed the nation through social
media to celebrate the “success” of the process of currency
reconversion and congratulated both public and private banking sector
for their efficiency.
“We
have started currency reconversion and successfully adapted the
technological platforms of the national banking system in record
time,” Maduro said before asking people to take to the streets
Tuesday to support the plan and assert their country's sovereignty.
The
recently introduced "Sovereign Bolívar" began circulation
on August 20 as one of the first measures in Venezuela’s Economic
Recovery Plan. The currency is pegged to the country’s
cryptocurrency, the Petro, which is worth 3,600 sovereign bolivares.
Economist
Tony Boza highlighted the importance of the new currency’s peg to
international oil prices, through the Petro to fight hyperinflation.
“We
are not going to be subject to the value of our currency being
determined by a website, the oil market will determine it. It can be
unstable sometimes, but it has its rhythm, its own structures, and
many countries are involved,” Boza argued.
Journalist
Marco Teruggi explained the measure “will have an effect on the
availability of cash in the hands of the people, who currently have
less than one percent of the monetary liquidity. This shortage,
fabricated by the smuggling of cash to Colombia and the speculation
unleashed by the shortage has generated, among other things, a
parallel currency market.”
During a
statement through Facebook live, Maduro also invited the people of
Venezuela to participate in a march to support the measures in the
Economic Recovery Plan.
“I
know there will be a great march in Caracas… The people on the
street; that is our formula, a mobilized and conscious people.”
Diosdado
Cabello, president of Venezuela’s National Constituent Assembly
(ANC) and vice-president of the United Socialist Party of Venezuela
(PSUV), confirmed Monday the march will begin in the headquarters of
CANTV, Venezuela’s largest telecommunications company, and will
head to the presidential palace of Miraflores.
In a
statement, Cabello said the government had entered a counteroffensive
stage in the economic war they claim the country’s financial elite
and the United States have waged against the socialist government and
condemned the U.S. announcement that it was sending a medical warship
to Colombia to help Venezuelan immigrants.
“That
ship is another aggression to our country and Latin America… Why
don’t they send that humanitarian aid to Puerto Rico? Why is that
ship not anchored to provide attention for Puerto Ricans when half
the island has no electricity?” Cabello argued.
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