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The President of Parliament demands Maduro reforms against hyperinflation

The president of the Parliament of Venezuela, the opposition Julio Borges, today asked the Government of Nicolás Maduro urgent reforms to avoid the "social catastrophe" that will suppose the country enter into hyperinflation.

Caracas, Nov 12 (EFE) .- The president of the Parliament of Venezuela, the opposition Julio Borges, today called on the Government of Nicolás Maduro urgent reforms to avoid the "social catastrophe" that will suppose the country to enter hyperinflation.

In a statement issued by his party, Primero Justicia (PJ), Borges said that the Government "remains motionless before the advance of the hyperinflation ", and described this inaction as" extremely dangerous ".

" We are facing a wave that threatens to wipe out what little remains standing. maintains between 40% and 50%, and nothing indicates that it will not be like this, will close this year with a jump of 2,000%, "said the opponent.

According to figures from the Parliament's Finance Committee, Venezuela registered 45.5% inflation in October and has accumulated inflation of 825.7% so far this year.

Private firms such as Econometrics, on the other hand, placed the October inflation by 50.6%, which would mean that the country has entered hyperinflation when exceeding for the first time in its history the 50% threshold.

Neither the Central Bank of Venezuela nor the government offer data on inflation since 2015.

One of the measures that Borges requires is to reduce the creation of money to cover public spending and boost production national, which has fallen precipitously since the beginning in 1999 of the so-called Bolivarian revolution.

Another decision that demands Maduro is the dismantling of control of the currency exchange.

The Government offers private companies dollars at different exchange rates depending on the destination of the assigned currencies. fixed at this time to 3,345 bolivars the dollar. and the best evidence is that we are in hyperinflation, "continued Borges, who asked to listen to businessmen and eliminate" the obstacles that prevent production in Venezuela "to end with" the child malnutrition "and other social problems that the country is going through.

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