The Central Bank of Venezuela has failed to release its economic data for the past four months, leading economists to believe that the country might be entering a hyperinflationary period, with the government attempting to conceal it.

Central Bank of Venezuela Owes Public Four Months of Economic Data

The Central Bank of Venezuela has yet to make public the economic data for the last four months, which has left consulting firms in the dark and unable to provide their affiliated companies with any economic strategy advice. The institution has not published the inflation figures for November 2022, December 2022, January 2023, and February 2023.

Venezuelan economist Jesus Casique believes that the missing data is more than just the inflation figures, claiming that the Central Bank of Venezuela is also hiding the numbers for the balance of payments, GDP, and gold reserves. Casique speculated:

It is very likely that the central bank is not releasing inflation figures because the country is entering a new hyperinflation period.

Unofficial sources have reported that Venezuela’s inflation rate for 2022 reached 234%, the highest in the region.

Repeated Behavior

The laws regulating the Central Bank of Venezuela state that one of its duties is to “collect, produce, and publish the main economical, monetary, financial, exchange, price, and balance of payment statistics.” However, this is not the first time that the central bank has been remiss in its duties in informing the public about the economic performance of the government.

Between 2016 and 2019, the bank had a hiatus of three years in which it did not provide any GDP or CPI figures. It was during this period that the country went through a period of hyperinflation, with later official figures acknowledging a 130,060% inflation rate just in 2018.

Economist Naudy Pereira believes that the release of these figures is very important for companies and individuals. She declared:

These numbers would tell an investor whether or not to continue investing. Consumers are interested in knowing the inflation rate and the variation in prices, because their family budget depends on it.

What do you think about the Central Bank of Venezuela’s delay in releasing economic data? Share your thoughts in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He got into the cryptosphere when the price rise happened during December 2017. With his computer engineering background, his experience living in Venezuela, and his exposure to the cryptocurrency boom, Sergio provides a unique perspective on crypto success and how it helps the unbanked and underserved.

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