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President Maduro Announces Measures to Strengthen the Economy

Venezuelan President Nicolas Maduro announced on Wednesday a set of actions aimed at creating a “new domestic economic order” through “new institutions, mechanisms, and renewed policies” designed to combat the economic war by the right-wing and make strides in terms of national production, making proper use of oil revenues to satisfy the basic needs of citizens, improving systems of commercial exchange, and establishing fixed prices for goods.

Combatting Speculation

First, the measures involve a national plan to combat speculation and hoarding based on a special regime that includes existing economic laws and presidential decrees.

Maduro said this will involve “a great civil-military operation that is going to go throughout the nation, because we’re going to go to the last level of the chains of production, distribution and trade” in order to protect consumers.

Business people and companies that steal from the people will be faced with the full weight of the law, he said, and inspections will take place “down to the last storage site” in order to root out hoarding.

Meanwhile, the money derived from fines issued based on reviews and inspections will go toward a new Special Compensation and Stabilization Fund for the protection of prices for priority consumer goods.

Currency Controls

An institution called the National Center for Foreign Trade will also be created to direct the administration of foreign currencies, to foster imports and the stimulation of exports. Its principal instrument will be the National Corporation for Foreign Trade, which will coordinate a network of public businesses dedicated to imports and exports.

This center will also oversee the actions of the Currency Administration Commission (CADIVI), the Complementary Currency Administration System (SICAD), the Foreign Trade Bank (Bancoex), and the public bank, among other entities.

Meanwhile, a new National Budget for State Currencies will be implemented “to make the best use of each dollar that belongs to the Republic,” Maduro said. This budget aims to identify and respond to the real currency needs of different economic sectors in the country.

The President explained that, according to different national and international studies, “Venezuela has a 30-40% surplus in the provision of dollars to the private sector.”
As part of the review of CADIVI, a Register of Users of the Currency Administration System (RUSAD) will be created.

Logistics and Transportation

As part of the new measures, Venezuela will also create a National Corporation of Logistics and Transportation Services that deals with domestic exchange and will be under the Vice Ministry of Territorial Development. For this new entity, 5,000 trucks will be imported from Brazil and China.
Promoting Savings

The government will soon make announcements regarding a set of special plans for finance in order to promote savings in the national currency (the Bolívar Fuerte), and combat capital flight.

AVN / Press – Venezuelan Embassy to the US / November 7, 2013

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