Here is our biweekly summary of recent economic developments in Venezuela:

• June 23 marked five months since Juan Guaidó assumed the role of interim president.

• Venezuela issued paper currency notes in new denominations of 10,000, 20,000 and 50,000 bolivars, after announcing in August 2018 the elimination of five zeros of prices and currency. Previously, the highest denomination paper currency was 500 bolivars.

• The situation of scarcity and rationing of gasoline accelerated throughout the interior of the country. A total of 800 of the 1,765 Petróleos de Venezuela, S.A. (PDVSA) gas stations have closed. It is estimated that PDVSA's imports of additives used in the refining of gasoline and naphtha used to dilute heavy oil from the Orinoco Belt fell to less than 100,000 barrels per day in May, compared to levels of 190,000 barrels per day at the beginning of the year. Venezuelan refineries are producing less than 25 percent of the estimated demand for gasoline...