Data presented by Conindustria reports that 58 % of SME owners in Venezuela face a lack of foreign currency as the main obstacle to production.

The currency auction in the national banking system is considered insufficient and discretionary, and is designed to exclusively benefit “large food and health corporations, leaving medium-sized manufacturers of chemicals, plastics, and technology empty-handed.”

The industrial sector points to a “drought of official dollars” that has led companies to take refuge in cryptocurrencies to cope with this lack of foreign currency and inflation in order to maintain production.

Digital currencies are an alternative given the difficulty in obtaining funds through traditional means. In this regard, analysts warn that as long as auctions remain limited — registering a 13% drop compared to the previous year — the economic recovery will be fragile.

The president of Conindustria, Tito López, recently pointed out that the paralysis of SMEs, due to the lack of foreign currency, “puts the entire supply chain at risk” as a consequence of insufficient financial support.

M.Pino

Source: alnavio

(Reference image source: engin akyurt on Unsplash)

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The governments of Venezuela and Cuba signed letters of intent to increase the production of oils and fats and promote marketing through the planting of oil palm.

Through Diana Industries, the Venezuelan government will give impetus to the sector, betting on economic development.

The authorities stressed that “these agreements reaffirm the commitments that strengthen the productive apparatus of our Venezuela, and we advance in the ties of cooperation in key areas for the economic and commercial development of the region.”

The signing of this agreement brought together the Vice Minister of Companies and Services of the Ministry of Food, Félix Romero and the Minister of Domestic Trade of Cuba Betzy Díaz.

M.Pino

Source: ultimasnoticias

(Reference image source: Alexander Naglestad on Unsplash)

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La entrada Venezuela and Cuba sign agreement to increase production of edible oil apareció primero en Bitfinance.