Venezuelan president increases the minimum wage 300%

Venezuela’s president Nicolas Maduro increases the minimum wage by 300%, to 18,000 bolivares a month.

Venezuela's president Nicolas Maduro has ordered a minimum wage increase of 300% to 18,000 bolivares a month during a state union address on Monday.

Maduro also pledged to ramp up oil production to 5 million barrels per day by 2025.

In his four-hour long broadcasted address, Maduro said, he would personally take on the responsibility to increase production.

‘I’m betting my life, my honour, for this battle.’ Maduro said.

The wage hike is set to take effect as early as this week, but analysts say it will do little to save the country’s deep financial crisis.

The new minimum wage of 18,000 bolivars per month equates to roughly $7 at the black-market exchange rate and would only be enough to purchase basic ingredients such as a carton of eggs and a kilo of beef.

Analysts say Maduro’s speech left little to be desired, as he had already hiked the minimum wage six times in 2018.

Maduro said investment from China, Russia, Turkey and Qatar could help rebuild local industries and that his second term would usher in a new boom in Venezuela.

Maduro calls Bolsonaro modern day Hitler

As Venezuela’s financial crisis deepens, Maduro’s critics increase, particularly those in the US, who have called him a dictator with failed policies.

Maduro remains defensive of claims, constantly hitting back at critics and proclaiming he is a victim of an ‘economic war’ lead by the US.

During his speech on Monday, Maduro called out Brazil’s newly appointed president, Jair Bolsanaro, calling him a Hitler of the modern era. ‘Over there we've got Brazil in the hands of a fascist – Bolsonaro is a Hitler of the modern era!’ Maduro said

The comment was triggered after Brasilia officially recognized an opposition leader as the legitimate head of Venezuela, claiming the re-election of Maduro had been rigged.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.