Petroleos de Venezuela SA will sell $4.5 billion in bonds this week in the first issuance by a state entity since May 2012 as the government seeks to bolster shrinking reserves and curb the world’s fastest inflation.
Venezuelan President Nicolas Maduro requested special powers from the National Assembly yesterday to fight the world’s highest inflation rate, the collapse of public services and shortages of goods ranging from milk to beer.
The retired Venezuelan teacher says he was so desperate for dollars that he wired his life savings to a front company posing as a Margarita Island inn. Almost four months later, all he has to show for it is a menacing e-mail.
Venezuela’s cancer-stricken President Hugo Chavez, who still has breathing problems, approved from Cuba an economic plan to boost exports that will be announced this weekend, said Vice President Nicolas Maduro.
Venezuela will increase the sale of dollars by starting weekly auctions in a bid to arrest the decline of the bolivar on the black market and boost imports amid shortages of everything from toilet paper to chicken.
Telefonica SA plans to increase spending in Venezuela this year to hedge against a further decline in the value of cash it can’t repatriate to Spain, according to a company presentation seen by Bloomberg News.
Venezuela President Nicolas Maduro appointed the third central bank president this year as Latin America’s biggest oil exporter seeks to rein in the fastest inflation among the world’s major economies.
Venezuela is weighing changes to a central bank system used to control the foreign-exchange rate after the bolivar fell to a record in black-market trading, fueling speculation the currency will be devalued.