Venezuelan President Hugo Chávez announced late on January 8 the implementation of a new exchange rate that includes two official prices for the dollar. The first exchange rate will be VEB 2.60 per dollar (previously at VEB 2.15), and the so-called "oil dollar" at VEB 4.30.

The ruler also reported that the Central Bank of Venezuela (BCV), jointly with the Executive Office would step in the foreign exchange market to prevent speculative foreign exchange operations.

The two official rates will be in force for two different sectors of the economy. The VEB 2.60 per US dollar rate will be for food, health, imports of machinery and equipment, science and technology, as well as everything related to the public sector, family remittances, remittances of US dollars to Venezuelan students abroad, consulates and embassies in the country. It will include retirees, pensioners and special cases.

Meanwhile, the car industry, trade, telecommunications, chemicals, steel industries, computers, rubber and plastics, electrical appliances, textiles, electrical services, construction, electronics, graphics, tobacco and beverages, among others, will be covered by the "oil dollar" at VEB 4.30 per dollar..

"We want these measures to stimulate exports. We want Venezuela to become a country that exports and stop being dependent exclusively on oil," Chávez said in justifying the decision.

Dollars to Fonden
In order to "promote and encourage the development of national economy," USD 7 billion will be transferred from the BCV to the National Development Fund (Fonden).

"International reserves have exceeded the legal limit established and these extra resources will be transferred," to Fonden, he said.

Three special funds will be created in 2010 to manage Venezuelan resources in 2010.

Such funds are to finance exports, import substitution and contingency plans to deal with an ailing domestic electrical sector.

Chávez said that the fund for exports would finance projects of cooperatives, small and medium-sized enterprises (SMEs) and entrepreneurship.

The fund intended to substitute imports will benefit producers of finished goods, and the third fund will finance a National Energy Plan.