Aug 22, 2018 10:50 UTC
  • Thousands of Venezuelans rally in support of Maduro’s economic plans

Thousands of people in Venezuela have taken to the streets in the capital, Caracas, to show their support for President Nicolas Maduro, who has launched a series of economic plans in an attempt to curb hyperinflation in the country.

Demonstrators carrying Venezuelan flags rallied in Caracas on Tuesday, a day after Maduro announced his so-called Economic Recovery Plan.

Dropping five zeros from its old banknotes, Venezuela introduced a new currency — the sovereign bolivar — under the plan. Maduro also announced an intention to raise the minimum wage by 3,000 percent.

The old currency will also remain in circulation during a transitional period.

Diosdado Cabello, the president of Venezuela’s government-allied National Constituent Assembly, who was attending the rally, praised the government plans.

“Today, the revolutionary people, together with Nicolas [Maduro], launch a counter-offensive in the economic spheres to succeed and defeat capitalism,” he told the crowd.

Venezuela, once among Latin America’s richest countries, is in a fourth year of recession. Economists at the International Monetary Fund (IMF) have forecasted a potential inflation rate of one million percent for Venezuela this year.