the 70 percent drop in oil prices in 2014, ...were fostered by the implementation of flawed policies.... In essence, in an attempt to prevent capital flight and currency collapse, while aiming to protect local producers and enforce labor law, Maduro's predecessor, Hugo Chávez, introduced limitations on access to foreign currency. ..However, as the bolivar was overvalued, local products became less competitive abroad and foreign ones became more accessible, reducing demand for domestic goods. (Cusack, 2019)
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