Caracas (OrinocoTribune.com)—Acting President Delcy Rodríguez announced Tuesday that Venezuela has received the first US $300 million of a total of US $500 million from oil sales. She explained that these funds will be used to finance workers’ salaries and protect their purchasing power from what she described as the “fluctuations of the foreign exchange rate.”
During a meeting with commune leaders in the La Vega parish of Caracas, Rodríguez noted that these resources will be distributed to public and private national banks through the Central Bank of Venezuela.
“Let us continue advancing in communal democracy,” said Rodríguez, emphasizing that organized popular power is what governs the destiny of Venezuela. “The [US] $300 million received will cover the income of our workers, protecting their purchasing power from inflation and the negative impact of the exchange rate.”
Venezuelan authorities have not yet provided precise information about the nature of the new oil relationship with the US regime following its criminal military attack against the country and abduction of President Nicolás Maduro. However, analysts claim that the easing of illegal US sanctions might be among upcoming decisions to allow for new pragmatic changes carried out under duress, amid impending military threats and direct assassination threats against Delcy Rodríguez and Interior Minister Diosdado Cabello, among other Chavista leaders.
Analysts claim that this extraordinary income comes from trade operations conducted between Venezuela and the US involving the sale of crude oil accumulated as result of the illegal US naval blockade. These assets are reportedly entering the country via newly created sovereign funds in Qatar, which were announced by the acting president last week.
Exchange rate stabilization and economic outlook
Economists claim the drastic shift in Venezuela’s exchange rate environment stems from expectations of improved access to foreign currency. Since last December, the gap between the official and black market exchange rates had reached nearly 300%. The official rate averaged approximately 300 bolívars per USD, while the black market rate peaked at 900 bolívars per USD immediately following the US attacks.
As of January 20, the official exchange rate stands at 344.5 bolívars per USD, while the black market rate has dropped to 450 bolívars per USD—representing a 50% decline in the parallel market rate.
Rodríguez also touched on the social recovery of the nation: “We are pleased that our children are back in school. Let us continue strengthening popular democracy and following Venezuela’s destiny together with the people.”
Venezuela’s GDP Grows Almost 9% in Third Quarter (+Exchange Rate)
Delcy Rodríguez is serving as acting president following the US attack and abduction of President Nicolás Maduro and his wife, Cilia Flores, by US special forces on January 3. The presidential couple was taken to New York, where they remain illegally detained in a maximum security prison.
According to the latest figures released by Venezuelan authorities, the military aggression perpetrated in Caracas and the states of Aragua, Miranda, and La Guaira resulted in more than 100 deaths, including both civilians and military personnel, and left more than 150 people injured.
Special for Orinoco Tribune by staff
OT/JRE/SL
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