From today, Venezuelan citizens and residents who have legally acquired dollars will be able to open foreign currency accounts in public Venezuelan banks. They will also be able to use those accounts to purchase cars overseas, following a decree that President Nicolas Maduro signed yesterday.
The president of Venezuela’s Central Bank (BCV) has rejected negative forecasts of Venezuela’s ability to meet foreign currency obligations, arguing yesterday that operational international dollar reserves are “in normal conditions”.
After clamping down on “grotesque” overpricing by electronics stores and proposing to set maximum profit margins, there have been some large queues outside such stores around Venezuela, while some shops have temporarily closed. The opposition and the private media have depicted the situation as “chaotic”, while the government has called on the organised grassroots to “guarantee order”.
Venezuelan president Nicolas Maduro has announced a slew of policy reforms aimed at combating speculation and hoarding, along with the creation of new government institutions to regulate trade and oversee foreign currency exchange.