President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

By Yuri Molchan

Tue, 28/08/2018 - 14:06

From now banks have to report all financial data in Petro - this is the demand of the country’s regulator. This seems to be the result of the 5-year recession

President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

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From now on banks, public or private, have to report all financial data in Petro– this is the demand of the country’s regulator.

This seems to be the result of the five-year recession and high inflation, and now the local authorities are doing its best to emerge from those. For this purpose, the local fiat coin, Bolivar, is being replaced with new “Sovereign Bolivars,” Petro-backed.

Maduro also, reportedly, intends to raise the minimum salary and petrol taxes.