Competitive forex rate needed to boost industries
The Venezuelan Confederation of Industries (Conindustria) suggested a foreign exchange rate at VEB 7.8 per US dollar to stabilize the domestic industrial sector
The Venezuelan currency has been overvalued with respect to other currencies since 2003 upon the implementation of foreign exchange controls. Overvaluation is attributed to the gap between the country's inflation and price fluctuation in other nations.
Overvaluation is said to hamper the industrial sector as imports turn out to be cheaper than domestic products. Carlos Larrazábal, the president of the Venezuelan Confederation of Industries (Conindustria), said that bringing the fixed foreign exchange rate up to VEB 7.68 per US dollar would help reverse the loss of competitiveness.
Translated by Jhean Cabrera
As late as Tuesday, February 25, there was some visible response from Gabriela Ramírez's office. Representatives of the Office of the Ombudswoman would visit independent human rights watch groups to find what happened in connection with repression of protests. That day, they visited NGO Provea. The next day, they met with the attorneys of NGO Venezuelan Criminal Forum. They pursued specific data because -they argued- no claims of human rights violations of demonstrators had been filed with the Office of the Ombudswoman.