Venezuela's exchange control in force despite Mercosur

Venezuelan President Hugo Chávez notified that Venezuela would continue having full freedom to set its monetary, exchange and tax policy upon its entry into the Common Market of the South (Mercosur).

After a meeting with Brazilian senior authorities, the Venezuelan leader underscored that the trade bloc is not a supra-national scheme set to impose domestic policy related issues.

"We have full freedom to keep exchange control, Cadivi (Foreign Exchange Administration Board) and mechanisms, such as Aladi (Latin American Integration Association) and many other mechanisms," he remarked.

Chávez informed that an assessment had been made with the Brazilian government of existent mechanism to trigger exports. He also disclosed the setup of a special fund for businessmen engaged in exports to Mercosur Member States, state-run news agency AVN quoted.