Maduro
may announce bolivar action in speech on Venezuela
economy
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[January 21, 2015]
By Alexandra Ulmer
CARACAS (Reuters) - President Nicolas
Maduro was set to make announcements on Venezuela's economy in his
annual speech to parliament later on Wednesday, after several delays to
promised measures to shore up the recession-hit OPEC country.
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Economists guess Venezuela may devalue its bolivar currency.
They expect a reduction or suspension of dollar sales at the lowest
official rate of the three-tier currency controls, currently 6.3
bolivars, to help state coffers amid a tumble in oil revenues and a
black market price for the greenback 27 times higher.
Yet with his popularity falling, the 52-year-old successor to
socialist leader Hugo Chavez has so far steered clear of taking
socially risky measures, including increasing the price of the
world's cheapest gasoline.
From early December, Maduro has said various times he was mulling
"changes" to Venezuela's Byzantine currency control system, seen as
a major cause of the country's economic crisis, but then stalled on
delivering.
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Instead, he has stressed the need for further controls.
"In the message I will give the nation I will announce a set of
measures to accelerate the transition to a productive socialist
economy," Maduro said at the weekend after arriving from a ten-day
trip abroad.
"We have to deepen the model."
Venezuela is suffering a sharp recession, shortages of basic goods,
and an over 60 percent inflation rate. But the government still
maintains popular Chavez-era welfare programs, such as subsidized
food and free health clinics, that benefit millions.
Maduro was due to speak around 5 p.m. local time (2130 GMT) at the
National Assembly, with supporters called to congregate outside at
the same time.
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Sensing a souring national mood, the political opposition has called
on Venezuelans to bang pots and pans during Maduro's speech in a
traditional form of protest.
The opposition Democratic Unity coalition has also called for a
peaceful protest march on Saturday, while government supporters are
to rally on Friday.
Both sides are seeking a show of support amid a vicious blame-game
over economic shortages and looming parliamentary elections expected
to be held in December.
Investors and analysts will be scouring Maduro's speech for details
of potential financial deals and any mention of OPEC policy
following his visits to China, Saudi Arabia, Iran, Russia, Algeria,
and Qatar.
(Editing by Andrew Cawthorne and Alden Bentley)
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