VENEZUELA
Analysts
Ruth Krivoy
Former Central Bank President
Tamara Herrera
Former Advisor, Banking Industry AssociationDatabanks
Recent Country Insights
Delcy Rodríguez’s first major test
VENEZUELA · Report · 04 Jul 2026
The June 24 earthquakes are Delcy Rodríguez’s interim government’s first major operational test since assuming power in January of this year. The response has been opaque, slow, and heavily dependent on U.S. military and humanitarian cooperation, more visible than the Venezuelan Armed Forces them...
Economic impact of the earthquakes
VENEZUELA · Report · 02 Jul 2026 · 2 responses
The double earthquake of June 24, 2026, intensifies Venezuela’s economic crisis. The disaster struck a country with no fiscal space, no access to international financing, an electricity system operating at its limit, a fragile exchange rate regime, and a fractured payment system. It multiplies ex...
Oil tailwind switches course
VENEZUELA · Report · 23 Jun 2026 · 1 response
The reopening of the Strait of Hormuz has changed our outlook. The extraordinary oil windfall that sustained foreign exchange inflows during the first half of 2026 is starting to move in reverse, prompting us to revise our inflation and depreciation forecasts upward for the second half of this ye...
Moving forward without certainty
VENEZUELA · Report · 01 Jun 2026
The Delcy Rodríguez government is moving ahead with calculated pragmatism: freeing prisoners, reopening public space, and attracting oil investment, while keeping the instruments of political control intact—the Attorney General’s Office, the courts, and the repressive legal framework—and favoring...
Venezuela’s restructuring announcement: the right words, eloquent silences
VENEZUELA · Report · 15 May 2026
On May 13, the Venezuelan government formally launched its external debt restructuring process through a statement signed by Calixto Ortega, Vice President for the Economy. The same day, a Businesswire release announced that Centerview Partners will serve as financial advisor. The appointment of ...
Disinflation continues, exchange rate gap becomes entrenched
VENEZUELA · Report · 13 May 2026 · 1 response
Monthly inflation fell to 10.6 percent in April from 13.1 percent in March thanks to stronger oil revenues. Central bank forex sales rose, the market rate fell, the pace of official exchange rate depreciation slowed, and the exchange rate gap narrowed. Moreover, April brought an easing of sanctio...
Change in their own terms
VENEZUELA · Report · 28 Apr 2026
After nearly four months in office, the Rodríguez group has brought gain: stability in the immediate political environment, legal reforms to reshape the business climate for the oil and mining sectors, and progress toward a consensus on labor reform. These gains coexist, however, with persistent ...
The IMF as a starting point
VENEZUELA · Report · 17 Apr 2026
The formal restoration of relations between Venezuela and the International Monetary Fund (IMF) and the World Bank on April 16, 2026 marks an inflection point in the country's economic trajectory. Relations had been suspended in March 2019 over issues related to the recognition of Venezuela's gov...
Disinflation with friction
VENEZUELA · Report · 14 Apr 2026
Thanks to record foreign exchange sales of $1.047 billion, in March 2026, inflation slowed to 13.1 percent from 14.6 percent in February. The strong forex sales helped ease exchange rate pressures and narrow the gap between the official and market rates to 40.8 percent. But the increase in the In...