Latest news with #MonitorDolar
Time of India
23-06-2025
- Business
- Time of India
Venezuelan Bolivar in freefall: Maduro locks Up economists, blocks Dollar sites to hide the damage
Why are economists being arrested in Venezuela? Government cracks down on websites Live Events FAQs The Venezuelan currency is crashing again, but instead of fixing the economy, President Nicolás Maduro is arresting economists, shutting down websites that show real dollar rates, and trying to hide how bad things are getting. The economy is falling apart in Venezuela, and inflation is getting worse every month, according to the government is now arresting people, economists, analysts, and website workers, who talk about how bad the economy is. At least 8 people have been arrested recently, including former finance minister Rodrigo Cabezas, 68, who disappeared after getting arrested, according to the people were released after a few hours, but others are still locked up without lawyers or contact with families. The Venezuelan Finance Observatory reported inflation hit 229% in May 2025. That's super high. Meanwhile, Venezuela's Central Bank stopped publishing inflation numbers in Oct economist Jose Guerra said the government is printing tons of money with nothing to back it. Money supply jumped 250% by May, which caused even more inflation. Popular sites like Monitor Dolar, which gave black-market exchange rates people actually use, were forced to shut down on May 27, as per after that, 20 people connected to the site were arrested, showing how serious the crackdown is. El Dorado, a cryptocurrency exchange many used for rates, also shut down operations in Venezuela because of fear. Now people are using platforms like Binance to trade secretly and avoid government Bolivar lost over 100% of its value vs. the U.S. dollar just since January, it now takes way more bolivars to buy 1 dollar. Instead of fixing the economy, the government arrested 56 people in June 2025 for using black-market dollar rates, as per the arrested were three top economists, including two from the National Academy of Economic Sciences and a university dean. Two staff members from the Observatory were also arrested, and no one knows where they hyperinflation hit in 2017, Venezuela stopped giving out real info like GDP or debt stats. They only briefly resumed before shutting it all down again in late 2024. Official exchange rate was 105 bolivars per dollar in May 2025, but the black-market rate was 139, so people don't trust the official one, as stated by the April, Maduro gave himself emergency powers to control the economy. He can now change taxes, force companies to sell goods, and control how money is government says it's trying to cut imports and attract investment, but experts say none of this will fix inflation or restore trust. Even with all these new controls, the currency is still crashing, and regular people are suffering the most, as stated by the government is printing too much money and inflation is out of stop people from seeing the real dollar rate and how weak the Bolivar has become.
Bloomberg
04-06-2025
- Business
- Bloomberg
Maduro Arrest of FX Website Staff Leaves Venezuelans in the Dark
President Nicolas Maduro's crackdown on an obscure social media account that Venezuelans relied on to navigate the country's twisted currency market is sowing confusion among traders and residents alike. Monitor Dolar was for years the go-to source for the price of the bolivar on the black market, posting an exchange rate twice daily across platforms like Telegram and Instagram.
