By CNN Staff, CNN
(CNN) — It is payday Friday, and a popular shopping mall located in eastern Caracas is packed. But while the hallways look full and the display windows are brightly lit and well-stocked, many people enter and leave empty-handed.
Shoppers walk around, browse, compare prices, but they buy very little. The exception is a store belonging to a renowned international lingerie brand, around which a line has formed following the announcement of special discounts on certain products.
This is a recent scene, yet it reflects a reality that also existed prior to January 3 — when then-President Nicolás Maduro and his wife, Cilia Flores, were captured by the United States in a military operation in the capital.
At the mall’s food court, customers frequently pay using an app that grants small credit lines affiliated to certain merchants. Those credits are later repaid in installments. Its use has become incredibly popular, particularly for purchasing clothing and home appliances, though it is also used to pay for everything from a hamburger to grocery runs.
It occurs in a country with hyperinflation and a “legal reserve requirement,” or the percentage of funds that banks are mandated to hold in reserve, giving very few people access to credit cards.
Despite a sense of optimism for political and economic reform, Venezuelans surveyed by CNN feel their daily lives remain unchanged, even after announcements of investment and projections of economic growth.
At present, three months’ worth of minimum wage does not amount to even a single dollar. Money comes in and is spent at a brutal pace within a high-inflation environment marked, in particular, by rising fuel and food prices.
Inflation persists 100 days into Delcy Rodriguez’s government
More than 100 days have now passed since Delcy Rodríguez was sworn in as Venezuela’s acting president. During this new era in bilateral relations with the United States — a country that has pledged to support Venezuela through a phase of economic stabilization and transition — concrete changes have been announced.
An example of this is the easing of US Treasury Department sanctions previously imposed on Venezuela’s Central Bank, the Bank of Venezuela, and other banking entities. This move opens the door to greater integration with the global market and an increase in foreign currency earnings.
Added to this is the resumption of talks between the interim government, the International Monetary Fund, and the World Bank.
In an address on April 19, Rodríguez referred to the expectations of economic improvement since the transition of power on January 3. “I acknowledge the high expectations of our population, and our teams are working to achieve improvements within a reasonable timeframe,” she affirmed.
She referred to a series of economic variables, noting that “the gross domestic product is growing by nearly 9%, with 20 consecutive quarters of expansion,” and expressed her expectation that this growth would translate into more jobs, higher incomes and more tangible opportunities for citizens. She further added that “in the coming months, this growth should be felt most strongly by those who need it most.”
Following the reform of the Hydrocarbons Law and the Mining Law, Rodríguez noted that Venezuela is entering a new phase aimed at attracting investment through clear rules, and that various companies have expressed interest in investing in the country. She added that oil production currently stands at 1.1 million barrels per day.
Venezuela’s economic reality remains marked by contrasts. Unlike the shopping mall other businesses across