Venezuelan Government vows to "fight speculation"

Venezuela's Minister of Industries Ricardo Menéndez said that the Venezuelan Government "will fight against speculation and speculators," once the new foreign exchange rate enters into force as announced on Friday by government officials.

The minister denounced "cowardly campaigns launched by some sectors of the oligarchy," against the recent monetary adjustment. Menéndez claimed that the decision to devalue the local currency was based on "sovereignty, and it is different from the decisions made in the 1990s," when the Venezuelan governments "kneeled down before the International Monetary Fund (IMF)." 

Menéndez also outlined the different projects on "productive development" that will continue or will be kicked off in Guyana's basic industries (southeast Venezuela). He stressed that significant resources for this purpose both in bolivars and US dollars have been already approved at the meeting of the Council of Ministers held last Friday.

Translated by Jhean Cabrera