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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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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