Following a sharp fall against the dollar this month, Venezuelan President Nicolas Maduro ordered his economic team to take measures to defend the free-falling bolivar.

In a tweet, Maduro stated that his government would take action to defend the official exchange rate before the holidays in response to an attack from the "criminal dollar". He attributed the decline of the bolivar to Miami's criminal underworld.

Frente al ataque del dólar criminal, ordené al equipo económico tomar medidas en defensa de la Tasa Oficial, por un comercio sano que respete los derechos del pueblo. Garantizaremos unas navidades felices venciendo las mafias mayameras. ¡Nadie detendrá el crecimiento económico!

— Nicolás Maduro (@NicolasMaduro) December 10, 2022

According to Monitor Dolar, a website that tracks exchange rates, the bolivar lost about 29% of its value against the dollar this month on the black market due to increased demand for dollars and increased government spending.

The official exchange market is down about 21% this month to 14 bolivars per dollar, while the central bank increased the frequency of hard-currency sales to the market this week. 

Vice President Delcy Rodriguez stated on Twitter on Saturday that the economic team has laid out a number of actions it will take in the exchange market, without providing any additional information. The year 2019 saw the government permit the free exchange of the US dollar, which contributed to the end of a seven-year recession and a period of hyperinflation.

En atención a las instrucciones del Pdte @NicolasMaduro hemos trazado, junto al VicePdte de Economía @TareckPSUV y el equipo, un conjunto de acciones en defensa del mercado cambiario y la tasa oficial, perturbados por el dólar criminal especulativo. Venezuela seguirá creciendo! https://t.co/tdHu6NhKIr

— Delcy Rodríguez (@delcyrodriguezv) December 10, 2022

The economy will grow 7.6% this year, but it will still only be a small portion of what it was prior to the financial crisis, according to economists surveyed by Bloomberg.

Last year, the Venezuelan Central Bank said the country's currency, the bolivar, would drop six zeros starting October 1, 2021, to combat hyperinflation. It is critical to note that the purpose of the modification is to "facilitate" the usage of the bolivar.

Venezuela, which has been subjected to economic sanctions, is experiencing the worst crisis in its modern history, with seven years of stagnation, hyperinflation, and a decrease in purchasing power.