Exchange rate

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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Venezuela’s National Assembly approved, in the first round of discussion, a new reform to the Law against Illicit Exchange on Tuesday in order to curb speculation after the Bolivar currency fell further in the parallel market.

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Venezuelan President Hugo Chavez has announced the creation of a publicly owned import-export company as part of a broader plan to combat “the hegemony of the bourgeoisie”, speculation, and inflation in the sphere of distribution.

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Given the Venezuelan government's low public and foreign debt, the idea the country is facing an 'economic crisis' is plain wrong.

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