Delcy Rodríguez Struggles to Stabilize Venezuela After Maduro Capture

Venezuela remains gripped by economic instability and hyperinflation more than 100 days after Delcy Rodríguez assumed office as Acting President. The transition followed the January 3 capture of former President Nicolás Maduro and his wife, Cilia Flores, by United States forces.

Rodríguez reports a GDP growth of nearly 9% and oil production reaching 1.1 million barrels per day. To attract foreign investment, she is pursuing reforms to hydrocarbon and mining laws. Despite these figures, the Central Bank of Venezuela reported an annual inflation rate of 650% as of March. The monthly minimum wage stands at approximately 130 bolívares, or $0.27, leaving much of the population unable to afford medication or basic proteins.

The Federal government of the United States has eased Treasury Department sanctions on the Central Bank of Venezuela and other banking entities to support stabilization. While some sectors, such as vehicle dealerships, are experiencing a boom via dollar-denominated credit, other businesses like specialty shops are failing. Rodríguez has pledged to announce a responsible wage increase by May 1 to address the dire living conditions of the general population.