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  • Venezuelan President Nicolas Maduro

    Venezuelan President Nicolas Maduro | Photo: EFE

Published 5 October 2018

Over 60 percent of the people surveyed support the currency reconversion and increases in the minimum wage.

A poll commissioned in September and published Friday by the Andres Bello Catholic University has revealed that trust in Venezuelan President Nicolas Maduro has increased following the launch of the country's Economic Recovery Plan to combat its current economic owes.

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Venezuela's Sovereign Bolivar, Economic Reforms Go Into Effect

According to the poll, over half of the people surveyed are hopeful the economic problems will be solved through the government’s reforms and do not attribute shortages to the government.

In August, the Bolivarian government launched its plan to combat the effects of the economic and financial sanctions led by the United States and supported by the European Union and other allies that, which according to the Venezuelan government, have caused shortages and increased inflation.

Venezuela’s reforms included a currency reconversion, a substantial increase in the minimum wage, an increase in value-added taxes on luxury goods, and the implementation of a new gas payment system to deter the smuggling of Venezuela’s heavily subsidized gasoline and other oil-based products.

The new currency launched by the government is known as the Sovereign Bolivar and is anchored to the country’s cryptocurrency Petro, which is backed by Venezuela’s oil reserves. Anchoring the new currency to the Petro seeks to avoid its depreciation and protect the purchasing power of the Venezuelans.

A month after these reforms were announced 68.9 percent of people surveyed by the Catholic University said they support the wage increase and 62.9 percent said they support the currency reconversion.

To combat shortages the government’s law enforcement institutions have also launched a series of investigations and operations to dismantle smuggling networks.  

The government's economic reforms have also encouraged Venezuelan migrants to return to Venezuela, especially in cases where they have faced discrimination and mistreatment.  


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