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| Venezuela's Central Bank Accused of Hiding Economic Data as Experts Warn of Possible Hyperinflation |
The Central Bank of Venezuela has been accused of failing to publish economic data for the past four months, which has caused concern among economists. The institution has not issued inflation figures for November 2022, December 2022, January 2023, or February 2023, raising fears that the country may be entering another period of hyperinflation. The Venezuelan government has previously been accused of trying to hide economic data to prevent the public from seeing the extent of the country's economic problems.
According to Jesus Casique, a Venezuelan economist, the Central Bank of Venezuela is not just failing to publish inflation figures, but is also hiding data relating to the balance of payments, GDP, and gold reserves. Casique believes that the bank may be trying to conceal the fact that the country is entering a period of hyperinflation. In 2022, the unofficial inflation rate in Venezuela reached 234%, the highest in all of Latin America.
This is not the first time that the Central Bank of Venezuela has failed to publish economic data. Between 2016 and 2019, the bank did not offer any GDP or CPI figures, despite the fact that the country was entering a period of hyperinflation. During this time, the inflation rate in Venezuela reached 130,060% in 2018, according to official figures.
Economists believe that the publication of economic data is crucial for both individuals and businesses. Investors need to know whether there are possibilities of continuing to invest, and consumers need to know the rate of inflation and the variation in prices because their family budget planning depends on that.
It is unclear why the Central Bank of Venezuela has not published economic data for the past four months, but the delay has raised concerns about the state of the country's economy. The bank has a legal duty to "collect, produce, and publish the main economical, monetary, financial, exchange, price, and balance of payment statistics."
