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Currency

Venezuela’s Decision Not to Devalue Its Currency Raises Questions

José Khan, Director of the Central Bank of Venezuela (BCV) stated that Venezuela will not devalue the bolivar currency (El Univ

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.

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Authorities Investigate 190 Companies for Currency Exchange Fraud in Venezuela

The South American country has maintained currency exchange controls since 2003 in order to prevent capital flight and plan the

Venezuelan authorities are investigating 190 companies for suspected fraudulent use of preferential dollars granted for product imports.

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Consumer Protection Agency: Airlines in Venezuela Use “Abusive Pricing Structure”

Eduardo Saman's allegations come following an investigation into airline prices prompted by consumer complaints (Archive)

The head of Venezuela's consumer protection agency, Eduardo Saman, has slammed airlines for allegedly blocking consumers from purchasing cheap fares, and says penalties may be imposed.

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Venezuelan Authorities to Combat Foreign Currency Scam with Fingerprint Devices

The machines ensure that dollar-loaded credit cards can only be used by those who actually travel abroad (Google)

Venezuelan authorities will install fingerprint devices in airports and other border posts to prevent foreign-bound Venezuelans committing a currency scam known as “the scrape”.

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New Foreign Exchange Initiative in Venezuela Hopes to Aid Economy

(Thomas Coex / AFP / archive)

The second auction of US dollars under Venezuela's new foreign exchange initiative is a step towards ensuring the “necessary flow of the economy”, according to President Nicolas Maduro.

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Venezuelan President Calls for Dialogue With Private Sector, “Special Economic Zones” and Streamlined Currency Exchange

Maduro in Maracaibo, Zulia state yesterday (Prensa Miraflores)

The Venezuelan government hopes to encourage  more foreign investment and a better relationship with the business community, President Nicolas Maduro stated yesterday.

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Venezuelan Government Announces New Currency Exchange System

Finance minister Jorge Giordani (left) and president of the Central Bank, Nelson Merentes (middle) in the press conference today

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”.

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Venezuela Debates Currency Devaluation while Impact Remains Unclear

The government devalued the Bolivar by 32% last Friday (Ciudad CCS)

There has been much debate in Venezuela over the causes and likely consequences of last Friday’s currency devaluation, while the concrete political and economic impact remains to be seen.

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Venezuela Devaluates Bolivar Currency by 32%

Jorge Giordani and Nelson Merentes announced the measures (VTV)

The Venezuelan government has devaluated the official exchange rate between the Bolivar Fuerte and the US dollar by 32%, from 4.3 BsF to 6.3 BsF to the dollar.

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Venezuela and Ecuador Consolidate Bilateral Agreements, SUCRE Currency System

The foreign ministers of Ecuador (left) and Venezuela (right) (MPPRE).

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. 

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