Venezuela's need for dollars to shore up its exchange rate and enable government largesse ahead of 2024 elections is among the motives for a crackdown on alleged corruption at state oil company PDVSA, four sources with knowledge of the matter said.
Maduro increased the monthly minimum wage by 58% in March 2018, two months ahead of the last presidential contest, whose results are contested.
Cash flows from PDVSA to the central bank, which injects dollars into the economy, have been intermittent in recent months, said three of the sources, who have knowledge of finance and ruling party economic strategies. The central bank had just $420 million to offer to banks between the start of 2023 and mid-March, according to estimates from economic firm Sintesis Financiera.Some $3.6 billion of PDVSA's pending payments may be unrecoverable, Reuters reporting showed, because they are tied to tankers that left the country without prepaying at least a portion of the cargoes' value.
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