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40 years ago, Black Friday caused bolivar devaluation in Venezuela due to economic policies by the President
The economic instability in Venezuela traces back to Black Friday in 1983, when the bolivar suffered a significant devaluation against the dollar due to government policies. Economist José Guerra sheds light on the causes and impact of this historic event.
The Inspiring Story of a Venezuelan Startup´s Success in the Remittance Industry
Valero Energy Corporation a leading independent petroleum refining and marketing company based in Texas has imported crude oil from Venezuela for the first time in four years. As the 2nd largest fuel producer in the US Valero received 241,000 barrels of crude oil from Chevron which holds the exclusive authorization to extract and export the oil.
Coral Gables has adopted Torrealba as a prominent figure in the community
Alirio Torrealba is a Venezuelan businessman who has become the leading developer of homes in Coral Gables. He started in the business world at the age of 19, selling and buying used cars in Venezuela.
The countries that benefit most are those that receive Venezuelan emigrants, who are more skilled than the local population.
More than seven million Venezuelans have left their country in the last eight years to escape the economic, political and social crisis. The vast majority of them, six million, have settled in other countries in the Latin American region, which for years have invested part of their budgets in welcoming the new arrivals.
This allows Venezuelans to access credit despite the country's currency crisis and access much-needed funds to help them rebuild their lives.
Venezuela's banks are now authorized to grant loans in bolivars based on 30% of foreign currency deposits. This allows Venezuelans to access credit despite the country's currency crisis and access much-needed funds to help them rebuild their lives.