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Exchange rate

In Venezuela, Dismantling a Weapon of Mass Destruction

(Aporrea)

Economist Mark Weisbrot makes a case for unifying Venezuela's now double-tiered exchange rate.

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What is at Stake is not the Stability of a Government but the Viability of a Nation

Economist and ex-minister Victor Alvarez (archives)

In this interview, investigator and former Mining and Basic Industries Minister, Victor Alvarez, argues that the government must implement an economic stabilisation plan with social welfare before it is too late.

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4 Steps To Fix Venezuela’s Economy

(Anadolu Agency / Getty Images)

Acclaimed economist Mark Weisbrot outlines a string of measures to resolve Venezuela's economic crisis, including instituting direct subsidies to poor and working class families, eliminating exchange and price controls, and diversifying the economy. 

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Venezuela’s Maduro Announces String of Emergency Economic Measures

Venezuelan President Nicolas Maduro addressing the nation. (@PresidencialVen)

The economic initiatives include changes to the country’s multi-tiered exchange rate, a rise in the domestic price of gasoline, the implementation of a new tax system, and placing more power over food distribution in the hands of organised communities.

 

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Venezuela Sues Miami-based Currency Website Dollar Today over Alleged Cyberterrorism

Exchange rates listed on Dollar Today twitter account (Twitter/@DolarToday)

The Venezuelan Central Bank (BCV) opened a lawsuit in a US federal court in Delaware on Friday against the Miami-based currency website Dollar Today, which it accuses of destabilizing the Venezuelan economy by publishing false exchange rate data.

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Chavismo On The Horns Of A Dilemma: Populism And Pragmatism In Venezuela

Mision Mercal, the state mission aimed at distributing subsidised food to Venezuela's poorer sectors emerged as a response

Academic Steve Ellner explores the current political and economic juncture in Venezuela, linking its current difficulties to the tendency to pursue both pragmatic and populist strategies and the failure of the government in certain cases to take advantage of its triumphs over the opposition in order to launch a revolutionary offensive. 

 

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Venezuela Announces New Currency Exchange Mechanism Based on “Supply and Demand”

The measure officially comes into effect this Wednesday (Aporrea).

The Venezuelan Central Bank has announced the creation of a new currency exchange entity known as SIMADI, which will allow dollars to be sold and purchased legally according to “market rates”. The new mechanism will operate alongside SICAD I and SICAD II, which will continue to sell dollars at an exchange rate set by the government. 

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Venezuela's Bolivar Needs Bold Action

Venezuelan President Nicolas Maduro announced that he would not be making significant changes to the Exchange rate system. (PHOT

Venezuelan President Nicolas Maduro made a point of downplaying his foreign exchange reforms last Wednesday, and good thing he did. The reforms are bound to do little to curb Venezuela's economic problems, despite the fact that genuine changes to the exchange system are urgently needed.

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Glimpses of New Monetary Policy in Venezuela as Maduro Seeks Support Abroad

On the informal market, dollars can be bought for roughly 170 Bolívares, almost 30 times the official (SICAD I) 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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How to Fix Venezuela’s Troubled Exchange Rate

Earlier this month, the government announced that it would try to resolve these imbalances by creating a single, unified exchang

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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