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Inflation in Venezuela will close above 2,000%, according to the Parliament

Deputy José Guerra, president of the Finance Commission of the National Assembly of Venezuela (AN, Parliament), said today that inflation this year will close above 2,000%, according to estimates of the Chamber, the only power controlled by the opposition in the Caribbean country.

Caracas, November 28 (EFE) .- Deputy José Guerra, president of the Finance Committee of the National Assembly of Venezuela (AN, Parliament), said today that inflation this year will close above 2,000%, according to estimates of the Chamber, the only power controlled by the opposition in the Caribbean country.

"Today we can affirm without any doubt that with this increase in liquidity created by the Central Bank (BCV) inflation in 2017 will easily exceed 2,000%, "said the opposition in a statement sent to journalists.

Guerra pointed out that this projection "ratifies the hyperinflationary path in which the Venezuelan economy is located" since October, when monthly inflation closed above 50% and the accumulated annual reached up to 825%, always according to data of the Parliament that has assumed this task before the silence of the BCV.

The economist reiterated that the emitting entity "is flooding the economy of a money inorganic issued to cover the fiscal deficit ", and assured that in November of this year the Central Bank increased the monetary base in 1.560%, with respect to the same month in 2016.

Explained that this has had as a consequence the depreciation of the local currency and the triggering of inflation that affects "mainly the workers who have fixed incomes, the pensioners, and to the savers whose salaries in the banks are being 'confiscated' by the Government. "

" Venezuela is suffering from monetary intoxication, "Guerra added after denouncing that despite the increase in liquidity persists the shortage of banknotes in the country.

For the first quarter of this year the Chamber projected 741% inflation this year.

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