By Cory Fischer-Hoffman - Venezuelanalysis.com, Nov 15th 2014
Cory Fischer Hoffman looks at the pressures facing the Venezuelan economy and the questions raised by the decision of President Nicolas Maduro’s government not to adjust (devalue) the country’s exchange rate in the near future.
Today members of the government held a press conference to inform the public about the new system for buying foreign currency. Called the Complimentary System of Foreign Currency Acquirement (Sicad), interim president Nicolas Maduro said it aims to “overcome the parallel market”.
Venezuelan President Hugo Chavez and Foreign Minister Nicolas Maduro met on Monday with the Ecuadorian Foreign Minister, Ricardo Patiño, to evaluate the progress of their country’s bilateral agreements.