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Maduro Tinkers With Policy as Venezuelan Debt Default Looms

  • President announced devaluation and fuel price hike Wednesday
  • Venezuela is `covering the sun with one finger': BNP Paribas
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President Nicolas Maduro missed an opportunity to salvage Venezuela’s ruined economy on Wednesday with half-hearted measures that failed to reassure analysts at banks including Barclays Plc and Citigroup Inc. that the country can avoid default this year.

Maduro raised the price of gasoline 60-fold to 6 bolivars a liter, still the world’s cheapest, and promised to devalue the official exchange rate to 10 bolivars per dollar from 6.3. The measures are aimed at boosting the government’s finances by cutting subsidies and ensuring it gets to keep a higher share of its waning oil revenues.