Bitcoin News and Finance
Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation Skip to main content

Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation

central bank of venezuela economic data inflation

The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures.

Central Bank of Venezuela Owes Public Four Months of Economic Data

The Central Bank of Venezuela has not published the economic data corresponding to the last four months, making economists worried about the cause of the delay. The institution still has not issued the inflation figures corresponding to November 2022, December 2022, January 2023, or February 2023, leaving consulting firms blindfolded and unable to make recommendations to their affiliated companies when it comes to economic strategy.

But according to Jesus Casique, a Venezuelan economist, inflation figures are just the tip of the iceberg regarding the missing data. Casique stated that the Central Bank of Venezuela is also hiding the numbers for the balance of payments (foreign currency input and output), Gross Domestic Product (GDP), and gold reserves.

On the possible purpose of this alleged opacity, Casique explained:

It is very possible that the central bank is not publishing inflation figures because the country is entering hyperinflation again.

According to unofficial sources, the Venezuelan inflation rate for 2022 reached 234%, the highest in all of Latam.

Recurring Behavior

One of the duties of the Central Bank of Venezuela, according to the law that regulates it, is to “collect, produce, and publish the main economical, monetary, financial, exchange, price, and balance of payment statistics.” However, this is not the first time that the central bank has lagged in its duties regarding informing about the economic performance of the government.

The bank had a hiatus of three years, between 2016 and 2019, in which did not offer any GDP or CPI figures. It was also during these years that the country entered into hyperinflation, with later official figures acknowledging a 130,060% inflation rate just in 2018.

Naudy Pereira, a local economist, believes issuing these figures is very important for companies and individuals alike. She declared:

These figures would indicate to an investor whether or not there are possibilities of continuing to invest. Consumers are interested in knowing the rate of inflation and the variation in prices because their family budget planning depends on that.

What do you think about the delay of the Central Bank of Venezuela in publishing economic data? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory