Exchange rate

President Maduro announced measures to address monetary policy in Venezuela, including appointing Economist Rocco Albisinni as the new President of the National Center of Foreign Exchange (CENOCOEX).

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Most people think that the Venezuelan economy is a basket case on the verge of collapse, and that has been a widespread belief for most of the last decade. But the South American nation has only run into serious trouble in the past two years.

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These last two weeks have attested to a process of assuming positions in economic policy. The decisions that the government is taking on economic questions are the result of a calculation in the scenario of political and social confrontation.

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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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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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No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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Venezuelan government officials announced new measures in recent days to combat price hikes and speculation as a result of the recent devaluation of the exchange rate.

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Even in a regulated economy such as Venezuela, financial traders and the commercial elite, the same bourgeoisie which Carroll continues to cite as a reliable source on all things Venezuelan at the expense of engaging with ordinary citizens, have found a way of speculating and exploiting the economic situation whilst giving the proverbial finger to the majority of Venezuelans and the national government.

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The Venezuelan government eliminated the preferential exchange rate of 2.6 bolivars per dollar on January 1 following a report by the Central Bank of Venezuela (BCV) that projected 2% growth and reductions in inflation and unemployment in 2011 as Venezuela emerges from recession. 

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The capitalist sector is growing faster than the public sector and is still predominant in Venezuela’s economy despite the nationalizations.

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