Venezuelan Government formalizes changes in foreign exchange policy
The Higher Agency for Upgrade of the Exchange System -established under Decree 9,381- is the body that is to govern the exchange policy above the Foreign Exchange Administration Board (Cadivi).
The Official Gazette No. 40,108 of February 13, 2013 also included the Exchange Agreement No. 14, following the decision to devalue the Venezuelan currency from VEB 4.30 per US dollar to VEB 6.30 per US dollar.
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.