CARACAS, Tuesday February 12, 2013 | Update

Venezuelan Government vows to "fight speculation"

Venezuela's Minister of Industries Ricardo Menéndez denounced "cowardly campaigns launched by some sectors of the oligarchy," against the adjustment in the foreign exchange rate

Tuesday February 12, 2013  04:26 PM
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
The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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fotter Estampas
fotter Estampas