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Unification of Currency Exchange Rate to Simplify Processes and Prevent Speculation

Venezuela’s Foreign Exchange Commission

The unification of the dollar exchange rate implemented by the Venezuelan government will facilitate the internal processes develop by Venezuela’s Commission for the Administration of Currency Exchange (CADIVI) to request currencies, said the president of CADIVI, Manuel Barroso, on Monday.

“By unifying the exchange rates at 4.30 bolivares, the processes within CADIVI become more simple, allowing us to adapt the technological platform and make it faster,” he explained during an interview.

Besides the minimization of paperwork, the exchange rate unification will also contribute to fighting speculation by those sectors managing large sums of money that affect the Venezuelan economy.

“It is necessary to make the adjustments in order to strongly attack speculation and prevent small groups that own capital and control large sums of money from taking advantage of this situation and succeeding in diverting the intention of the Venezuelan government of favoring the Venezuelan people,” explained the president of CADIVI.

Barroso also assessed CADIVI’s work  in 2010, considering it positive because paperwork processes were improved and currency availability was increased by 10 percent.

Since 2003 the Venezuelan government implemented an exchange rate control mechanism to prevent capital flight from the country.

“There was an increase of almost $2.5 billion regarding what the Central Bank of Venezuela has allocated for the functioning of the economy. Of that total, CADIVI has administered about 80 percent,” Barrosso said.

Barroso said that out of the amount of the Venezuelan foreign exchange commission, 85 percent was assigned to allocate currencies for imports, which has also strength the Venezuelan economy and the country’s productive means.

AVN/Venezuelan Embassy to the U.S./January 3, 2010

 
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