Venezuelan gov't establishes Higher Agency for Upgrade of Exchange System
At the head offices of the Foreign Exchange Management Committee (Cadivi), and together with the president of the Central Bank of Venezuela (BCV), Nelson Merentes, and Minister of Petroleum and Mining Rafael Ramírez, Minister Giordani disclosed that by Wednesday after Carnival a great deal of the works intended to streamline the exchange system will be done, following the economic steps announced on Friday.
He underlined that a blueprint will be outlined for the appropriate use of foreign currency, "according to our priorities." The scheme will be submitted to President Hugo Chávez.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.