TSJ studies 3 annulment injunctions vs. exchange control polices

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Friday, March 28, 2003 By: Patrick J. O'Donoghue

President Hugo Chavez Frias has been informed of three legal actions taken to void the government exchange rate control.  The Supreme Tribunal of Justice (TSJ) Constitutional Chamber received an annulment plea on March 6, introduced by National Assembly deputies, Liliana Hernandez, Jose Luis Farias, Nestor Arzola and Wilfredo Rojas. 

The opposition parliamentarians allege that exchange rate control can only be authorized through an Enabling Law passed in the National Assembly. 

Magistrate Jose Delgado Ocando has been entrusted with drawing up a position paper. The same magistrate will deal with appeals introduced by lawyer, Henry Pereira and Ignacio de Leon respectively. 

The position paper will tackle a court sentence issued  on November 21, 2001, according to which the setting up of exchange control rates is the competence of the legal reserve and not within powers assigned to the National Executive.