{"id":602341,"date":"2026-04-23T21:32:11","date_gmt":"2026-04-23T21:32:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/602341\/"},"modified":"2026-04-23T21:32:11","modified_gmt":"2026-04-23T21:32:11","slug":"venezuela-was-promised-an-economic-revival-many-are-surviving-on-cents","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/602341\/","title":{"rendered":"Venezuela was promised an economic revival. Many are surviving on cents"},"content":{"rendered":"

\n It is payday Friday, and a popular shopping mall located in eastern Caracas<\/a> is packed. But while the hallways look full and the display windows are brightly lit and well-stocked, many people enter and leave empty-handed.\n <\/p>\n

\n Shoppers walk around, browse, compare prices, but they buy very little. The exception is a store belonging to a renowned international lingerie brand, around which a line has formed following the announcement of special discounts on certain products.\n <\/p>\n

\n This is a recent scene, yet it reflects a reality that also existed prior to January 3 \u2014 when then-President Nicol\u00e1s Maduro<\/a> and his wife, Cilia Flores, were captured by the United States in a military operation in the capital.\n <\/p>\n

\n At the mall\u2019s food court, customers frequently pay using an app that grants small credit lines affiliated to certain merchants. Those credits are later repaid in installments. Its use has become incredibly popular, particularly for purchasing clothing and home appliances, though it is also used to pay for everything from a hamburger to grocery runs.\n <\/p>\n

\n It occurs in a country with hyperinflation and a \u201clegal reserve requirement,\u201d or the percentage of funds that banks are mandated to hold in reserve, giving very few people access to credit cards.\n <\/p>\n

\n Despite a sense of optimism for political and economic reform, Venezuelans surveyed by CNN feel their daily lives remain unchanged, even after announcements of investment and projections of economic growth.\n <\/p>\n

\n At present, three months\u2019 worth of minimum wage does not amount to even a single dollar. Money comes in and is spent at a brutal pace within a high-inflation environment marked, in particular, by rising fuel and food prices.\n <\/p>\n

\n More than 100 days have now passed since Delcy Rodr\u00edguez was sworn in as Venezuela\u2019s acting president. During this new era in bilateral relations with the United States \u2014 a country that has pledged to support Venezuela through a phase of economic stabilization and transition \u2014 concrete changes have been announced.\n <\/p>\n

\n An example of this is the easing of US Treasury Department sanctions previously imposed on Venezuela\u2019s Central Bank, the Bank of Venezuela, and other banking entities. This move opens the door to greater integration with the global market and an increase in foreign currency earnings.\n <\/p>\n

\n Added to this is the resumption of talks between the interim government, the International Monetary Fund, and the World Bank.\n <\/p>\n

\"Venezuela's<\/p>\n

\n In an address on April 19, Rodr\u00edguez referred to the expectations of economic improvement since the transition of power on January 3. \u201cI acknowledge the high expectations of our population, and our teams are working to achieve improvements within a reasonable timeframe,\u201d she affirmed.\n <\/p>\n

\n She referred to a series of economic variables, noting that \u201cthe gross domestic product is growing by nearly 9%, with 20 consecutive quarters of expansion,\u201d and expressed her expectation that this growth would translate into more jobs, higher incomes and more tangible opportunities for citizens. She further added that \u201cin the coming months, this growth should be felt most strongly by those who need it most.\u201d\n <\/p>\n

\n Following the reform of the Hydrocarbons Law and the Mining Law, Rodr\u00edguez noted that Venezuela is entering a new phase aimed at attracting investment through clear rules, and that various companies have expressed interest in investing in the country. She added that oil production currently stands at 1.1 million barrels per day.\n <\/p>\n

\n Venezuela\u2019s economic reality remains marked by contrasts. Unlike the shopping mall other businesses across the city appear deserted, and their corridors are rife with shuttered stores. There is a boom in restaurants, yet some open and close within just a few months. People rush to spend the bol\u00edvares they earn on basic necessities before that money loses its value amidst a wave of inflation.\n <\/p>\n

\n Economic strain is routine, and budgets are rife with limitations. Among them, products that, due to their price, are no longer found on Venezuelans\u2019 tables such as proteins. A kilo of meat costs between $7 and $10.\n <\/p>\n

\n In many businesses, the weight of reality presses down as owners await better times. One merchant, who preferred to remain anonymous for security reasons, told CNN that he is liquidating his bodeg\u00f3n, or the specialty shops that characterized Venezuela\u2019s economy in 2019 and 2020 as a reflection of an import-driven market.\n <\/p>\n

\n \u201cIt\u2019s no longer a viable business,\u201d he says. Consequently, he plans to pivot to a different sector \u2014focusing on household goods \u2014 in an effort to adapt to consumers who have become more cautious with their spending.\n <\/p>\n

\n While the bodegones are fading from the economic landscape, the vehicle dealership sector is emerging with vigor. Dealerships are multiplying amidst promises of economic prosperity in a country where the vehicle fleet has become increasingly outdated due to the economic crisis. Affording a vehicle is challenging for most, and many assembly plants have shuttered in recent years. This automotive supply is accompanied by dollar-denominated credit facilities offered by private companies, dealerships, and select banks, though this remains an option available only to a minority.\n <\/p>\n

\n For the majority, the struggle is for essentials. Workers and retirees are demanding better incomes. Among them is \u00c1ngel Garc\u00eda, who has become known for protesting with a large bone in his hand.\n <\/p>\n

\"View<\/p>\n

\n When asked by CNN what he intends to symbolize, he explains that the monthly minimum wage stands at 130 bol\u00edvares \u2014 approximately $0.27 \u2014 and that even purchasing that bone requires a significant effort. He said it represented the sorrow felt by the people, especially the elderly, in a Venezuela that is so rich in oil, yet simultaneously so poor. He laments that he is often forced to choose between eating and taking the bus.\n <\/p>\n

\n While Garc\u00eda notes that he is a senior construction technician and a former public servant with 38 years of service, he makes no secret of the frustration that drove him back to the streets of Caracas to protest, describing a reality marked by precariousness.\n <\/p>\n

\n In a speech on April 8, Rodr\u00edguez asserted that, by Labor Day on May 1, she would announce a \u201cresponsible\u201d wage increase, and that, as the country\u2019s economic situation stabilized, further adjustments to workers\u2019 incomes could be decided upon.\n <\/p>\n

\n A 71-year-old man, who preferred to remain anonymous for security reasons, told CNN that he considers himself a living embodiment of the suffering the country is enduring. He conveys weariness, but also determination, in the face of a daily routine marked by medication, food and security shortages.\n <\/p>\n

\n \u201cI am enduring each and every one of the calamities that we Venezuelans experience,\u201d he asserts. He lives with his wife, and both earn a minimum monthly income. He explains that if they buy medicine, they \u201cstarve,\u201d and if they buy food, they cannot afford medical treatment.\n <\/p>\n

\n The inability to access basic necessities is their greatest concern. Food prices far exceed incomes. \u201cThe shelves may be full, but the money isn\u2019t enough,\u201d he said.\n <\/p>\n

\n His deepest concern is for the future of his family. \u201cI don\u2019t want to leave them this.\u201d\n <\/p>\n

\n Former opposition lawmaker and economist Jos\u00e9 Guerra explained to CNN that \u201cin 100 days, one cannot expect to see economic improvements anywhere.\u201d However, he asserts that he has not the slightest doubt that the Venezuelan economy will improve.\n <\/p>\n

\n In Guerra\u2019s opinion, the initial steps must focus on stabilizing the exchange rate and curbing inflation so that people can begin to feel some economic relief. According to figures from the Central Bank of Venezuela, the annual inflation rate stood at 650% as of March.\n <\/p>\n

\"A<\/p>\n

\n For Guerra, the promised increase in the minimum wage \u2014 combined with a slowdown in the bol\u00edvar\u2019s depreciation against the dollar \u2014 could allow citizens to experience a first measure of relief. However, regarding deeper, structural changes, he clarifies that the effects might not be felt until closer to the end of the second half of 2026.\n <\/p>\n

\n \u201cEconomic growth takes longer; it involves making investments and hiring, and that takes time,\u201d he says.\n <\/p>\n

\n He notes that the Central Bank\u2019s supply of dollars to the private banking sector has increased over the past 100 days, thereby boosting the flow of foreign currency. This measure, he asserts, will have a positive impact, particularly regarding the stabilization of the exchange rate and the narrowing of the gap between the official and parallel dollar rates, addressing one of the distortions currently most detrimental to Venezuela\u2019s economy.\n <\/p>\n

\n With the second quarter now underway, many Venezuelans are growing impatient for changes to materialize.\n <\/p>\n

\n But for many, economic prosperity must be accompanied by political change that guarantees long-term stability. Neither of these two things, however, is visible on the immediate horizon.\n <\/p>\n","protected":false},"excerpt":{"rendered":"It is payday Friday, and a popular shopping mall located in eastern Caracas is packed. But while the…\n","protected":false},"author":2,"featured_media":602342,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":{"0":"post-602341","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/602341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=602341"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/602341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/602342"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=602341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=602341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=602341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}