CADIVI

Venezuelan government officials have announced new measures to reduce commonly practiced forex scams which have long dogged the country’s economy.

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Venezuelan writer Luis Britto Garcia argues that even before we critique the misuse of dollars by Venezuela’s flourishing phantom companies, we must look at what legitimate transnationals are allotted the most dollars through the government subsidy, and what their offered services say about the government’s priorities.

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Venezuelan authorities have intensified the battle against foreign currency fraud as part of strategies to defend the country’s foreign currency reserves against an “economic war” being waged against the government.

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The Venezuelan government is to pump an extra US$900 million into the economy through an auction system in order to satisfy foreign currency demand and reduce the value of the black market dollar.

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Venezuela's central bank has appointed a new head at the request of President Nicolas Maduro, while the country's foreign exchange administration is also under new management.

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