World Bank calls on Venezuela to lift foreign currency controls

www.vheadline.com Posted: Wednesday, March 05, 2003 By: Robert Rudnicki  

The World Bank is calling on the Venezuelan government to bring an end to its foreign currency controls as quickly as possible.

The measures were imposed around six weeks ago to protect international reserves which were dropping by around $70 million per day as the Central Bank of Venezuela (BCV) fought to support a plummeting bolivar that was suffering as a result of the opposition's national work stoppage and fears of a upcoming devaluation. 

World Bank chief economist Guillermo Perry told Reuters that the measures the government have imposed are "transitory and can only work temporarily."

However, the government has said that it would keep the measures in place until six months after oil production had returned to normal.