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Viernes Negro
''Viernes Negro'' ( en, Black Friday) in Venezuela refers to Friday, 18 February 1983, when the Venezuelan bolívar was devalued substantially against the US dollar. This event caused a significant destabilization of the currency and the Venezuelan economy. Background When Luis Herrera Campins became President in 1979, he received a "mortgaged Venezuela". Viernes Negro in Venezuela was preceded by events such as the departure of Venezuela from the gold standard, the nationalization of oil, and the beginning of a stage of decreasing public spending compared with State revenue. The situation worsened and was evident with the fall in oil prices that led to oil exports dropping from $19.3 billion in 1981 to around $13.5 billion in 1983 (a decrease of 30%), and the beginning of the Latin American debt crisis. These events produced a flight of capital of almost $8 billion and a corresponding decline in international reserves. President Herrera Campins also created different exchang ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Venezuela
The economy of Venezuela is based primarily on petroleum, making the country the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and cement. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs. Agriculture in Venezuela accounts for approximately 4.7% of GDP, 7.3% of the labor force and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated USD$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. Since the 1920s, Venezuela has been a rentier state, offering oil as its main export. From the 1950s to the early 1980s, the Venezuelan economy experienced a steady growth that attrac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leopoldo Díaz Bruzual
Leopoldo is a given name, the Italian, Spanish, and Portuguese form of the English, German, Dutch, Polish, and Slovene name, Leopold. Notable people with the name include: *Leopoldo de' Medici (1617–1675), Italian cardinal and Governor of Siena * Leopoldo Andara (born 1986), Venezuelan swimmer *Leopoldo Baracco (1886–1966), Italian politician *Leopoldo Batres (1852–1926), Mexican archaeologist * Leopoldo Bersani (1848–1903), Italian painter *Leopoldo Borda Roldan (1898–1977), Colombian engineer * Leopoldo Brenes, Nicaraguan Roman Catholic cardinal *Leopoldo Burlando (1841–1915), Italian painter * Leopoldo Calvo-Sotelo (1926–2008), Spanish politician * Leopoldo Conti (1901–1970), Italian footballer * Leopoldo Diokno, Filipino militant * Leopoldo Elia (1925–2008), Italian politician * Leopoldo Felíz Severa, Puerto Rican politician * Leopoldo Fernández (Tres Patines) (1904–1985), Cuban comedian * Leopoldo Figueroa (1887–1969), Puerto Rican politician *Leopoldo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1983 In Venezuela
The year 1983 saw both the official beginning of the Internet and the first mobile cellular telephone call. Events January * January 1 – The migration of the ARPANET to TCP/IP is officially completed (this is considered to be the beginning of the true Internet). * January 24 – Twenty-five members of the Red Brigades are sentenced to life imprisonment for the 1978 murder of Italian politician Aldo Moro. * January 25 ** High-ranking Nazi war criminal Klaus Barbie is arrested in Bolivia. ** IRAS is launched from Vandenberg AFB, to conduct the world's first all-sky infrared survey from space. February * February 2 – Giovanni Vigliotto goes on trial on charges of polygamy involving 105 women. * February 3 – Prime Minister of Australia Malcolm Fraser is granted a double dissolution of both houses of parliament, for elections on March 5, 1983. As Fraser is being granted the dissolution, Bill Hayden resigns as leader of the Australian Labor Party, and in the subseq ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Viernes Rojo
(Red Friday) in Venezuela refers to Friday, 17 August 2018, when President Nicolás Maduro announced a series of economic reforms known as "Program of Recovery, Growth and Economic Prosperity", in response to increasing hyperinflation. This event is also known as (Red Package) or Madurazo by some media outlets. These reforms include the introduction of the a new currency with five fewer zeros, increase the minimum wage based on the Petro and increase VAT to 16%. According to President Maduro, these reforms have the goal of recovering the population's salary in two years through the Economic Recovery of Growth and Prosperity program, to eliminate the fiscal deficit and to eliminate the use of paper money. Economists and experts argued that the economic measures lacked coherence and would contribute with increasing hyperinflation, indicating that they would have a much greater impact than the Black Friday of 1983 under President Luis Herrera Campins, '' El Gran Viraje'' of Presid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jaime Lusinchi
Jaime Ramón Lusinchi (27 May 1924 – 21 May 2014) was a Venezuelan politician who was the president of Venezuela from 1984 to 1989. His term was characterized by an economic crisis, growth of the external debt, populist policies, currency depreciation, inflation and corruption that exacerbated the crisis of the political system established in 1958. Although accused of corruption after leaving office, Lusinchi was popular during his presidency, and was succeeded by a member of his Acción Democrática political party, Carlos Andrés Pérez. Background Jaime Lusinchi was born in Clarines, Anzoategui, on 27 May 1924. His mother María Angelica Lusinchi, who was of Italian-Corsican descent, gave him her family name. Growing up without the presence of a father (who probably was an Italian immigrant), Lusinchi attended elementary school in his native Clarines and Puerto Píritu, and high school at the Federal School of Barcelona, Anzoátegui. In 1941 he began to study Medicine at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Exchange-rate System
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold. There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s. If one's monetary income stays the same, but the price level increases, the purchasing power of that income falls. Inflation does not ''always'' imply falling purchasing power of one's money income since the latter may rise faster than the price level. A higher real income means a higher purchasing power since real income refers to the income adjusted for inflation. Traditionally, the purchasing power of money depended heavily upon the local value of gold and silver, but was also made subject to the availability and demand of certain goods on the market. Most modern fiat currencies, like US dollars, are traded against each other and commodity mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
El Mundo (Venezuela)
''El Mundo'' is a Venezuelan evening newspaper. It was launched on 3 February 1958 in Caracas, shortly after the end of the dictatorship of Marcos Pérez Jiménez on 23 January 1958. It was founded by Miguel Ángel Capriles Ayala, who had launched ''Últimas Noticias'' in 1941. Its first director was journalist and future President Ramón José Velásquez. For most of its existence ''El Mundo'' was the only Venezuelan evening newspaper; a rival, ''April'', was launched by Bloque DeArmas in 1997 but closed in 2003. Another rival, ''Tal Cual'', was launched by Teodoro Petkoff in 2000 after Petkoff had for a time been director of ''El Mundo''. On 20 February 2009, it ceased publication in printed form, with a planned relaunch as a digital-only publication scheduled for 27 April 2009. , accessed 28 February 2009 See also |
Central Bank Of Venezuela
The Central Bank of Venezuela ( es, Banco Central de Venezuela, BCV) is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar and since 1996 is the governing agent of the Venezuelan Clearing House System (including an automated clearing house). Actual laws By law, the Central Bank of Venezuela is autonomous to formulate and exercise policies in its field of competence and it performs its duties and functions in coordination with the general economic policy. The Constitution grants the central bank autonomy to outline and implement the policies. However, as of 2016, reforms deemed unconstitutional by some effectively nullified the BCV's independent status. The export, import or trade of Venezuelan or foreign currency are subject to the regulations established by the BCV, including the departure or arrival of coin and notes made by another countries by BCV's express order. Foreign reserves Since its inception in the late 1930s, the BCV w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuelan Bolívar
The bolívar is the official currency of Venezuela. Named after the hero of Latin American independence Simón Bolívar, it was introduced following the monetary reform in 1879, before which the venezolano was circulating. Due to its decade-long reliance on silver and gold standards, and then on a peg to the United States dollar, it was considered among the most stable currencies and was internationally accepted until 1983, when the government decided to adopt a floating exchange rate instead. Since 1983, the currency has experienced a prolonged period of high inflation, losing value almost 500-fold against the US dollar in the process. The depreciation became manageable in mid-2000s, but it still stayed in double digits. It was then, on 1 January 2008, that the hard bolívar (''bolívar fuerte'' in Spanish, sign: Bs.F, code: VEF) replaced the original bolívar ( sign: Bs; code: VEB) at a rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs. is due to the first and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange-rate Regime
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, capital mobility ,etc. There are two major regime types: * ''Floating (or flexible) exchange rate'' regime exist where exchange rates are determined solely by market forces and often manipulated by open-market operations. Countries do have the ability to influence their floating currency from activities such as buying/selling currency reserves, changing interest rates, and through foreign trade agreements. * ''Fixed (or pegged) exchange rate'' regimes, exist when a country sets the value of its home currency directly proportional to the value of another currency or commodity. For years many cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
