The Venezuelan government has announced on Saturday that it would inject $3 billion into its domestic market in order to boost its economy by regaining liquidity.

On asking when the injected money will show its impact, Venezuela's Finance Minister Ali Rodriguez said, "It's going to be immediate."

Mr. Rodriguez further said that the process of pumping money into the market to reactivate the economy would be initiated on October 1.

In the second quarter of the current year, Venezuela, which is struggling hard to tame soaring inflation rate, witnessed a contraction of 2.4 per cent in its gross domestic product.

In addition, Mr. Rodriguez said that Venezuelan government would not issue further sovereign dollar denominated debt because the government has already achieved its financing needs via 12.15 billion bolivars debt issue announced this week, however the government could opt for debt buybacks.