The Venezuelan Supreme Court of Justice has said that President Nicolas Maduro’s extension of the economic state of emergency was constitutional, despite it being rejected by the country’s lawmakers.

The Venezuelan Supreme Court of Justice has said that President Nicolas Maduro’s extension of the economic state of emergency was constitutional, despite it being rejected by the country's lawmakers.

Earlier this week it was announced that the economic emergency, first declared in the country in January, was being extended for 60 more days. The Venezuelan opposition-controlled parliament in a vote rejected the measure.

"In joint presentation of all its judges, the Constitutional Chamber of the Supreme Court affirmed the constitutionality of Decree No. 2,323, whereby the state of emergency and the Economic Emergency is declared, given the extraordinary circumstances of social, economic, political, natural and ecological order seriously affecting the national economy, " the court said in a statement as quoted by the 24 Horas television channel Thursday.

The state of emergency was first announced after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years. Up to 96 percent of Venezuela’s budget depends on oil revenues.

Maduro accepted partial blame for the economic situation in the country in an address to the National Economic Council, stressing that Venezuela needs to replace all sources of income from oil with other sources.