UPDATED 8:54 AM PT — Monday, August 12, 2019
The Venezuelan economy is showing signs of rebounding, following Nicolas Maduro’s decision to loosen restrictions on modifying foreign exchange rates. According to reports Sunday, inflation in Venezuela is slowing for the first time in years thanks to the policy.
Maduro’s deal allows banks to buy and sell U.S. dollars at any exchange rate after rampant inflation made the country’s own currency worthless. The U.S. dollar has now taken over as the country’s dominant currency.
Entrepreneurs and business owners say the plan is the only thing that has allowed them to stay afloat financially.
“In the country that we are living in now everything is so complicated and there are so many problems that I love that there are still entrepreneurs trying to work in this country. There are many young people trying to do (different) things and progress in life. I like that.”
— Maria Lugo, accountant – Venezuela
Maduro implemented his currency exchange policy in a bid to work around crushing U.S. sanctions, which were heavily protested in Venezuela.