Petro and direct subside to gasoline sign economy recovery program

Caracas.- Mr. Nicolás Maduro, President of the Bolivarian Republic of Venezuela, reported significant measures after the impending entering into force of money conversion, as part of the Economy Recovery Program, which starts along with the new monetary cone.

President Maduro explained that from next Monday, Venezuela will have two accounting units, the first one is the Bolívar Soberano and the second one is El Petro. He also pointed out that, from that date, the state oil company Petróleos de Venezuela, S.A. (PDVSA) will begin to fix all its operations expressed in this crypto money.

Mr. Maduro explained that from August 20th, the Central Bank of Venezuela will issue a daily report about the price of the Bolívar Soberano anchored to the Petro and, consequently, respect to the other international currencies.

In the same way, President Maduro stated that a new salary system will be implemented, to the benefit of all Venezuelans, who will see their incomes grow, having the new national economic system configuration as their warranty. This will also allow fixing prices for goods and services.

President Maduro also informed that from Monday August 20th, the price of gasoline and hydrocarbons will cost the same as their equivalent to international prices. This decision was taken due to the excessive smuggling towards Colombia and the Caribbean, estimated in over 18 million dollars per year. He also highlighted that a direct subside will be implemented through the Carné de la Patria card.

He also said that next Monday August 20th will be a non-working day, in order to make it easy for the new monetary cone to enter into force; He stated that both monetary cones shall coexist during some time, facilitating the retail while prices are stabilized.