Venezuela's government has declared an "economic emergency" due to "catastrophic" inflation and growth figures.
The government's decree sets a 60-day period in which President Nicolas Maduro has wider powers to intervene in companies or limit access to currency.
"We are confronting a true storm," Maduro said during his state-of-the-nation address to Congress on Friday January 15,2016
"This is not Maduro's storm, as some believe, it is a situation throughout the country that affects every Venezuelan family," the president said.
The opposition-led assembly said in a statement it has the power to approve or reject the decree.
The move on Friday comes after the government published the first economic data in a year that revealed the extent of the recession which is fueled by low Oil prices
nflation soared in that period to an annual rate of 141.5 percent, the world's worst. Venezuela's oil-dependent economy is forecast to perform abysmally again in 2016.
The government's decree sets a 60-day period in which President Nicolas Maduro has wider powers to intervene in companies or limit access to currency.
"We are confronting a true storm," Maduro said during his state-of-the-nation address to Congress on Friday January 15,2016
"This is not Maduro's storm, as some believe, it is a situation throughout the country that affects every Venezuelan family," the president said.
The opposition-led assembly said in a statement it has the power to approve or reject the decree.
The move on Friday comes after the government published the first economic data in a year that revealed the extent of the recession which is fueled by low Oil prices
nflation soared in that period to an annual rate of 141.5 percent, the world's worst. Venezuela's oil-dependent economy is forecast to perform abysmally again in 2016.
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