Black Friday: The day Luis Herrera Campins handed over the country to the IMF

Published at: 18/02/2024 08:11 AM

On February 18, 1983, the Government of Luis Herrera Campins devalued the Bolivar against the dollar, a fact known to all Venezuelans as Black Friday.

Herrera Campins applied measures that harmed the people in complicity with the president of the Central Bank of Venezuela (BCV), Leopoldo Díaz Bruzual.

In his last term, corruption and embezzlement increased; public debt increased, forcing the country to submit to the International Monetary Fund (IMF). There was a flight of foreign exchange that wiped out the Venezuelan currency, deteriorating the purchasing power of Venezuelans.

During this package, 60 billion dollars escaped through the implementation of an exchange control called Differential Exchange Regime (RECADI). There was a bleeding out of national reserves.

Mazo News Team