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Exchange rate

Venezuela: Exchange Rates and the Battle for Petroleum Income

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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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: Notes on the Monetary Measures

(archive)

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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Venezuela Announces Measures to Soften Impact of Devaluation

Vice President Nicolás Maduro during the inauguration of a subsidized supermarket on Wednesday (Prensa Miraflores)

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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In Defence of Rory Carroll and Venezuela's Persecuted Elite

The government's Mercal markets have helped reduce infant malnutrition by 58% and boost food consumption in Venezuela over

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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Venezuela Adjusts Exchange Rate and Reports Positive 2011 Economic Projections

Venezuela's rate of GDP decline slowed over the course of 2010 (BCV)

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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Bolivarian Venezuela at the crossroads, Part 3: The Venezuelan economy: in transition towards socialism

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 Takes Steps to “Smash” Currency Speculation

National Assembly Deputy Ricardo Sanguino (ABN)

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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Venezuela Creates Public Import-Export Company to Combat Capitalism

"Bicentennary Hypermarket, socialist trade hand in hand with the people" (Primic
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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