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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A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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