On Tuesday, April 3rd, presidential candidate Henri Falcón announced his economic proposals. Among the measures, he highlighted his intention to fix the minimum wage at USD 75 per month. In addition, he informed that he will announce his full government program April 17th. Although polls indicate that voting intention in favor of Falcón is low, he is the main opposition candidate to Maduro’s government.
The announcement was made by Falcón’s economic adviser, Francisco Rodríguez, who affirmed that the dollarization of wages would be the first step for the dollarization of the economy. The public official explained that by doing so they will put an end to hyperinflation more easily. During the transition, a mechanism called “conversion box” will be applied, in which the bolivars in circulation will be backed by dollars and international reserves. While the process is being carried out, the Central Bank will not be allowed to print bolivars that do not have that support.
The advisor said that the minimum wage of US$ 75 per month “should be above that figure and we will pursue that”. The financial advisor also clarified that dollarization will not impact on the country’s competitiveness. On the contrary, the government will give companies economic benefits to increase their production. “The urgent thing is to recover the national economy,” he said.