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Exchange rate

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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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


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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