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.
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.