The period between February 18, 1983 ("Black Friday") and the banking crisis of 1994 represented the collapse of the rentier model of monetary stability in Venezuela. This marked the transition from an economy with low inflation and a hard currency to a spiraling downward spiral of fiscal deficit, devaluation, exchange controls and an accelerating loss of purchasing power.

The period between February 18, 1983 ("Black Friday") and the banking crisis of 1994 represented the collapse of the rentier model of monetary stability in Venezuela. This marked the transition from an economy with low inflation and a hard currency to a spiraling downward spiral of fiscal deficit, devaluation, exchange controls and an accelerating loss of purchasing power.