caracas —
On payday Friday, a popular shopping mall in eastern Caracas is crowded. But even though the hallways look full, the shop windows are brightly lit, and the store is well-stocked, many people come and go empty-handed.
Shoppers walk around, browse products, compare prices, but buy very little. An exception was the store of a world-famous lingerie brand, where queues formed following the announcement of special discounts on certain products.
Although this is a recent scene, it reflects a reality that existed before January 3rd. Then-President Nicolas Maduro and his wife, Cilia Flores, were captured by the United States during a military operation in the capital.
In mall food courts, customers often pay using apps that grant small credit lines affiliated with specific merchants. These credits will be repaid in installments later. Its use is extremely popular, especially for purchasing clothing and household appliances, but it is also used to pay for everything from burgers to grocery stores.
This is happening in a country with hyperinflation and “statutory reserve requirements,” or the percentage of funds that banks are required to hold in reserve, where few people have access to credit cards.
Despite optimism about political and economic reform, Venezuelans surveyed by CNN feel that their daily lives will not change after investment and economic growth forecasts are announced.
Currently, three months’ worth of minimum wage is less than a dollar. Money comes in and is spent at a breakneck pace, especially in a high-inflationary environment characterized by soaring fuel and food prices.
More than 100 days have passed since Delcy Rodriguez was sworn in as acting president of Venezuela. Concrete changes were announced in this new era of bilateral relations with the United States, which has pledged to support Venezuela through economic stabilization and a transition phase.
One example is the US Treasury’s relaxation of sanctions previously imposed on the Central Bank of Venezuela, Bank of Venezuela, and other banking entities. This move opens the door to further integration with global markets and increased foreign exchange earnings.
This was accompanied by the resumption of talks between the transitional government, the International Monetary Fund and the World Bank.
In a speech on April 19, Rodriguez referenced expectations for economic improvement since the transition to power on January 3, asserting, “We recognize the high expectations of our people and our team is working to achieve improvements within a reasonable period of time.”
Citing a series of economic variables, she noted that “gross domestic product has expanded for 20 consecutive quarters, growing by nearly 9%,” and expressed hope that this growth will lead to more jobs, higher incomes, and more tangible opportunities for our people. She added: “In the coming months, this growth should be felt most strongly by those who need it most.”
Following the reform of hydrocarbon and mining laws, Rodriguez noted that Venezuela has entered a new phase aimed at attracting investment through clear rules, and various companies have expressed interest in investing in the country. He added that current oil production is 1.1 million barrels per day.
Venezuela’s economic reality remains a contrast. Unlike shopping malls, other shopping streets in the city are deserted, with aisles filled with shuttered stores. Restaurants are booming, but some restaurants open and close in just a few months. People rush to spend their earned bolivars on basic necessities before waves of inflation destroy their value.
Financial burdens are commonplace, and budgets are full of limits. Some products, such as proteins, are no longer on the menus of Venezuelans because of their price. A kilogram of meat costs between $7 and $10.
For many companies, the weight of reality is pressing in as executives wait for a turnaround. One merchant, who requested anonymity for security reasons, told CNN that Bodegon, the specialty stores that defined Venezuela’s economy in 2019 and 2020, reflecting the import-driven market, will be liquidated.
“This is no longer a viable business,” he says. As a result, he plans to pivot to other areas, focusing on household goods, to accommodate consumers who are more cautious with their spending.
While bodegons are disappearing from the economy, the car dealership sector is rapidly emerging. In this country, where the country’s fleet is aging due to the economic crisis, the number of dealers is rapidly increasing amid expectations for economic prosperity. Buying a car is difficult for most people, and many assembly plants have closed in recent years. This car supply comes with dollar-denominated lines of credit offered by private companies, dealers, and some banks, but this remains an option only available to a few.
For the majority, the struggle is over necessities. Workers and retirees are looking for increased income. Among them is Angel García, who is known for protesting with a large bone in his hand.
When CNN asked him what he meant to symbolize, he explained that the monthly minimum wage is 130 bolivares (about $0.27) and that it takes a lot of effort to even buy those bones. He said this reflected the sadness felt by the people of Venezuela, especially the elderly, who are rich in oil but at the same time very poor. He laments that he is often forced to choose between eating and taking the bus.
Garcia, who describes himself as a senior construction engineer and former civil servant with 38 years of service, makes no secret of the frustration of returning to the streets of Caracas to protest, describing a precarious reality.
In a speech on April 8, Rodriguez announced a “responsible” wage increase by Labor Day on May 1, insisting that further adjustments to workers’ incomes could be decided upon as the country’s economic situation stabilizes.
The 71-year-old man, who asked to remain anonymous for security reasons, told CNN he considers himself a living embodiment of the suffering this country endures. He conveys a sense of exhaustion but also determination in the face of everyday life marked by lack of medicine, food, and security.
“We endure every disaster that Venezuelans experience,” he asserts. He lives with his wife and they both earn a minimum monthly income. Buying medicine, he explains, would leave people “starving,” and buying food meant they wouldn’t be able to pay for treatment.
Lack of access to basic necessities is their biggest concern. Food prices far exceed incomes. “The shelves may be full, but there’s not enough money,” he says.
His deepest concern is the future of his family. “I don’t want to leave them like this.”
José Guerra, a former opposition lawmaker and economist, told CNN: “After 100 days, we can’t expect economic improvement anywhere.” But he asserts that he has no doubts that Venezuela’s economy will improve.
In Guerra’s opinion, the first steps should focus on stabilizing the exchange rate and controlling inflation so that people can start to feel some economic relief. According to statistics from Venezuela’s central bank, the annual inflation rate as of March was 650%.
For Guerra, the combination of a promised minimum wage hike and a slowing depreciation of the bolivar against the dollar could allow Americans to experience their first round of relief. However, in terms of deeper structural changes, the impact may not be felt until near the end of the second half of 2026, he clarified.
“Economic growth takes longer. It requires investment and employment, and that takes time,” he says.
He pointed out that the central bank’s supply of dollars to the private banking sector has increased over the past 100 days, thereby increasing foreign exchange inflows. He argues that this measure will have a positive effect, especially with regard to stabilizing the exchange rate and reducing the difference between the official dollar rate and the parallel dollar rate, and will address one of the distortions that currently affects the Venezuelan economy most negatively.
As the second quarter begins, many Venezuelans are looking forward to change.
But for many, economic prosperity must be accompanied by political changes that ensure long-term stability. But neither of these two things are immediately visible.
