Venezuelan Government clings to economic controls after 10 years
There will be further foreign exchange controls and price regulations
In addition to devaluation, Planning and Finance Minister Jorge Giordani announced on February 8 the incorporation of the Higher Agency for Upgrade of Exchange System. The new institution aims at monitoring in depth the sale of US dollars to companies.
However, economic moves are to come in areas other than the foreign exchange market. Other steps may include widening the scope of price regulations, some government officials have warned.
For instance, Food Minister Carlos Osorio remarked recently that the Government has no intention of lifting price controls. "We are rather going to reinforce regulations. If we have to regulate other products, we will. We will keep on protecting people."
Additionally, the Superintendence of Costs and Prices (Sundecop) announced that it will soon set the selling prices for drugs, among other products.
Translated by Jhean Cabrera
At the recent UN climate summit President Nicolás Maduro gave a speech on global warming highlighting the fact that "Capitalism has ignored over decades nature's capacity to load and recover," and, accordingly, "if we want to change climate, we need to change the system."