Maduro Makes Legislative Elections Conditional on Spread of COVID-19: Central Bank Makes Foreign Currency Injection
Venezuela
14 mayo 2020

On May 14, Venezuelan President Nicolas Maduro announced legislative elections for the National Assembly (NA), inviting opposition parties to nominate candidates. Although the Constitution dictates that elections must be held this year, Maduro explained this will only happen “if the pandemic allows us to do so.” More news on the likelihood of the elections is expected in the next few weeks.

“There must be an election this year because the lives of Venezuelans are defined at the ballot box, no matter who wins,” Maduro said. He added that elections could be postponed should the health and economic crisis worsen owing to COVID-19.

The NA is currently dominated by the opposition and is the main source of Juan Guaidó’s legitimacy.

At the same time, the Central Bank of Venezuela is set to inject foreign currency into national banks and the exchange market in a bid to prop up the Bolivar. The value of the national currency has fallen sharply recently due to the deterioration in the economy and the effects of hyperinflation.

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