International
Venezuela to slash six zeroes from currency
AFP
Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said on Thursday.
The change will take effect on October 1 with the issuance of new currency notes, called the digital bolivar.
“All monetary amounts expressed in national currency will be divided by one million,” the central bank of President Nicolas Maduro’s beleaguered leftist government said.
It said the goal of the change is to “facilitate” the use of the bolivar.
It is the third time in 13 years that Venezuela — suffering the worst economic crisis in its modern era — has used such a measure.
In August 2018, the government lopped five zeros off its bank notes, having taken off three in 2008.
In 2018, the government replaced the ironically named strong bolivar with the sovereign bolivar.
The once-wealthy oil producer is enduring its fourth year of hyperinflation and its eighth year of recession.
From January through to May prices rose 265 percent.
Inflation was almost 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures.
“It was an expected decision,” economist Cesar Aristimuno, director of Aristimuno Herrera & Associates, told AFP.
“By itself it was necessary … the billing and accounting processes for companies were already practically impossible.”
People had even resorted to using a shorthand for prices, saying “thousands” instead of “millions.”
There is such a shortage of bolivars that long queues are a regular sight outside banks.
Transactions made in the local currency are usually done by card payment or bank transfer rather than in cash.
Inflation is so bad that the everyday economy now works mainly in dollars, with many stores listing prices in the US currency.
Back in May the government tripled the minimum monthly wage but the new amount was still not even enough to buy a kilogram of meat.
However, Aristimuno warned that while “convenient” this measure will not transform Venezuela’s battered economy.
“We cannot hope for economic miracles from this decision, taking into account that … it comes without any underlying economic announcements” that could reduce inflation or boost GDP.
The Maduro government is under international sanctions championed by the United States, which is pushing for his ouster and does not recognize him as the country’s legitimate president.
With the currency overhaul, the central bank will issue new notes with face values of five, 10, 20, 50 and 100 bolivars and a one-bolivar coin, Communications Minister Freddy Nanez said on Twitter.
International
UN warns Venezuela earthquakes could affect up to 6.76 million people
Up to 6.76 million people could be affected by the devastating earthquakes that struck Venezuela on June 24, according to an assessment released by the International Organization for Migration (IOM), a United Nations agency.
The organization said the projections are based on available population data and damage assessments, and include up to two million people living in Caracas, the country’s capital.
The estimates highlight the potentially massive humanitarian impact of the disaster, the IOM warned.
Entire buildings collapsed in La Guaira, a coastal area north of Caracas, following the powerful twin earthquakes that reached magnitudes of 7.2 and 7.5 on Wednesday.
The national death toll has risen to 920, while rescue teams continue searching for people trapped beneath the rubble in coastal regions and other affected areas.
UN humanitarian chief Tom Fletcher told AFP on Friday that more than 50,000 people were reported missing.
The IOM also revealed that it worked with Microsoft’s artificial intelligence laboratory on an initial satellite mapping analysis, which showed that 31.5% of buildings in the town of Catia La Mar had suffered damage.
Authorities and international rescue teams continue operations as Venezuela faces one of its largest humanitarian emergencies in recent years.
International
United Nations Coordinates Relief Efforts as Venezuela Death Toll Rises After Twin Quakes
United Nations Secretary-General António Guterres on Thursday expressed his condolences to the people of Venezuela following the two devastating earthquakes that struck the country and highlighted the ongoing coordination between UN humanitarian teams and interim President Delcy Rodríguez.
Speaking during the UN’s daily press briefing, spokesperson Stéphane Dujarric said Guterres was deeply saddened by the loss of life and widespread destruction caused by the disaster.
“The Secretary-General is deeply distressed by the loss of life and the widespread devastation caused by the earthquakes that struck Venezuela yesterday. He extends his heartfelt condolences to the families of the victims and wishes a speedy recovery to those injured,” Dujarric stated.
Venezuela was struck on Wednesday by two powerful earthquakes measuring 7.2 and 7.5 in magnitude. According to official figures, the disaster has left at least 164 people dead and 971 others injured.
Dujarric noted that preliminary reports indicate significant damage across several states, including the capital, Caracas. Numerous casualties have been reported, while other individuals remain trapped beneath collapsed structures or are still missing.
“Critical infrastructure has been damaged and essential services have been disrupted,” the spokesperson said.
The United Nations confirmed that its humanitarian team remains in close contact with interim President Delcy Rodríguez and other relevant authorities as emergency operations continue.
To support relief efforts, the UN has established a coordination center in Caracas and is assisting local authorities to ensure that humanitarian aid reaches affected communities as quickly and efficiently as possible.
Guterres also welcomed the expressions of solidarity and offers of assistance from countries around the world that responded following news of the disaster, underscoring the importance of international cooperation in addressing the humanitarian emergency.
International
OAS Secretary General Pledges Regional Assistance Following Venezuela Quake Disaster
The Secretary General of the Organization of American States (OAS), Albert Ramdin, said on Thursday that the “hemispheric community” stands ready to provide “full support” to Venezuela and its people following the powerful earthquakes that struck the country overnight, leaving at least 164 people dead and nearly 1,000 injured.
Speaking at the conclusion of the OAS General Assembly, Ramdin expressed solidarity not only with Venezuela but also with Colombia, Curaçao and Aruba, where the tremors were also felt.
“Above all, our thoughts are with these peoples,” he said during his remarks.
Ramdin noted that while many details about the disaster are still emerging, countries across the hemisphere are prepared to assist Venezuela as it responds to the crisis.
“Much remains unknown at this stage, but the hemispheric community will be ready to support the people of Venezuela during this very difficult time,” he stated, reiterating the organization’s commitment to helping those affected.
According to updated information released by the Venezuelan government, the powerful earthquakes have been followed by at least 30 aftershocks. Authorities have also reported extensive structural damage, including numerous building collapses in La Guaira, the area considered hardest hit by the disaster.
Rescue efforts are currently focused on La Guaira, where emergency teams continue searching for survivors trapped beneath the rubble as officials assess the full extent of the damage.
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International23 hours agoUN warns Venezuela earthquakes could affect up to 6.76 million people

























