The head of Parliament demands from Maduro urgent reforms against hyperinflation

The president of the Parliament of Venezuela, the opposition Julio Borges, demanded today the Government of Nicolás Maduro urgent reforms to avoid the "social catastrophe" that will suppose the country to enter in hyperinflation and urged to end the control of currency exchange.

Caracas, Nov 12 (EFE) .- The president of the Parliament of Venezuela, the opposition Julio Borges, demanded today the Government of Nicolás Maduro urgent reforms to avoid the "social catastrophe" that It will mean the country will enter hyperinflation and urged to end the control of currency exchange.

In a statement issued by his party, Primero Justicia (PJ), Borges assured that the Government "remains immobile before the advance of hyperinflation" and described this inaction as "extremely dangerous".

"We are facing a wave that threatens to wipe out what little remains standing. If inflation in November and December remains between 40% and 50%, and nothing indicates that it will not be like that, it will close this year with a jump of 2,000%, "said the opposition.

According to figures the Finance Committee of the Parliament, Venezuela recorded an inflation of 45.5% in October and has an accumulated inflation of 825.7% so far this year.

Private firms such as Econometric, however, put October inflation at 50.6%, which would mean that the country has entered hyperinflation to exceed for the first time in its history the threshold of 50 %.

Neither the Central Bank of Venezuela nor the government offer data on inflation since 2015.

Among the urgent measures required by Borges is to reduce the creation of money for cover public spending and boost national production, which has fallen precipitously since the beginning in 1999 of the so-called Bolivarian revolution.

Another decision that demands Maduro is the dismantling of foreign exchange control.

"Exchange control failed and it is not possible for the country to continue giving away the few dollars left to the fantasy rate of 10 bolivars per dollar, "said Borges, referring to the preferential exchange rate at which the government sells some of the dollars it awards.

The government offers companies Private dollars at different exchange rates depending on the destination of the assigned currencies. However, the dollar is bought in the parallel market at more than 50,000 bolivars.

"They must accept that price control does not work and the best evidence is that we are in hyperinflation, "continued Borges, who asked to listen to businessmen and eliminate" the obstacles that prevent production in Venezuela "to end with" child malnutrition "and others social problems that the country is going through.

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