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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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Inflation in Venezuela Higher This Half Year

Venezuelans shopping for food (archive).

Inflation dropped in June, though the first half of the year experienced significantly higher inflation than last year. In the same period, government bodies approved substantially more dollar allocations. Also, two people were arrested for attempting to destabilise the banking system using Twitter.

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Venezuela Prohibits Financial Transactions with Off-shore “Fiscal Paradises”

SUDEBAN

Sudeban, Venezuela’s independent bank and financial institutions regulator passed a resolution last week to prohibit financial operations and transactions with off-shore banks in countries that apply little regulation.

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