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
At least 30 years had passed since his last visit to Caracas. He had little time to become an expert on moving about in such a complicated metropolis. Whether it was hopping on the subway, finding directions, playing waiting games at public agencies, eating whatever he could and sleeping wherever he could, Guerrero senior had been wandering the streets for 60 days, and thanks to "the boys" he found some sort of relief by way of helping hands.