ESPACIO PUBLICITARIO
CARACAS, Wednesday February 13, 2013 | Update
 
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DEVALUATION

Venezuelan Government formalizes changes in foreign exchange policy

The Exchange Agreement No. 14 was published in the Official Gazette (Photo: TV screen capture)
EL UNIVERSAL
Wednesday February 13, 2013  09:42 AM
The Venezuelan Government decisions on its foreign exchange policy as announced on February 8 were formalized on Wednesday through their publication in the Official Gazette No. 40,108.

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.
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"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.

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