Venezuela’s president Nicolás Maduro
© Carlos Garcia Rawlins/ReutersVenezuela’s president Nicolás Maduro gestures before his state of the nation address to the National Assembly in Caracas on Friday when declared a national economic emergency

The president of Venezuela has declared a state of economic emergency for sixty days.

President of Venezuela Nicolas Maduro has signed a decree on a state of economic emergency to address the protection of social rights amid the grave economic crisis in the Latin American country, local media said Friday.

"The state of economic emergency was declared throughout the national territory in accordance with the Constitution of the Bolivarian Republic of Venezuela and its legal system, for a period of sixty (60) days", the text of the decree published in the Gaceta Oficial says.

Maduro said earlier this month that the measures would be aimed at increasing the fundamental indicators of production, product distribution, commercialization and price controls.

The announcement came two days after Venezuela's oil price had dropped to $24 a barrel, the lowest mark in 12 years. Up to 96 percent of Venezuela's budget depends on oil revenues, which has a negative impact on the socio-economic situation in the country.