Venezuelan Government clings to economic controls after 10 years
There will be further foreign exchange controls and price regulations
In addition to devaluation, Planning and Finance Minister Jorge Giordani announced on February 8 the incorporation of the Higher Agency for Upgrade of Exchange System. The new institution aims at monitoring in depth the sale of US dollars to companies.
However, economic moves are to come in areas other than the foreign exchange market. Other steps may include widening the scope of price regulations, some government officials have warned.
For instance, Food Minister Carlos Osorio remarked recently that the Government has no intention of lifting price controls. "We are rather going to reinforce regulations. If we have to regulate other products, we will. We will keep on protecting people."
Additionally, the Superintendence of Costs and Prices (Sundecop) announced that it will soon set the selling prices for drugs, among other products.
Translated by Jhean Cabrera
A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.