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Parliament submits report on currency devaluation to Comptroller's Committe

Opposition deputies described the economic crisis in Venezuela and presented figures to show how Venezuela’s local currency, the bolivar, has been devalued since 1999 

In Thursday’s ordinary meeting of the Venezuelan opposition-led National Assembly (AN), a debate was held on the depreciation of the local currency, the bolivar (VEB)

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09 de diciembre de 2016 14:22 PM

Actualizado el 09 de diciembre de 2016 14:37 PM

PARA COMPARTIR

Parliament submits report on currency devaluation to Comptroller's Committe

In Thursday’s ordinary meeting of the Venezuelan opposition-led National Assembly (AN), a debate was held on the depreciation of the local currency, the bolivar (VEB), and the economic crisis. The board of directors of the parliament submitted a report on the matter to the Standing Comptroller's Committee.


Opposition Deputy Ángel Alvarado opened up the debate by describing the economic crisis in Venezuela nowadays. He noted that since November 15 this year, inflation has soared about 200% due to abundant cash flow and limited supply of goods.


In that regard, the deputy pointed out that the situation grows worse with the involvement of a reference currency. “When a currency is way too devaluated, it is replaced by another. In this case, the bolivar is replaced by the US dollar,” he said.


The parliamentarian urged the government to make an urgent economic rectification and to reshuffle the economic cabinet and the presidency of the Central Bank of Venezuela, currently held by Nelson Merentes.


Finally, the second discussion on the draft Law on the Partial Reform of the Organic Law of Financial Administration of the Public Sector was held, and articles 10 through 35 were passed.

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