Venezuelan foreign exchange controls transfer to Finance Ministry

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Sunday, June 22, 2003 By: David Coleman

El Nacional reports that authorizations for sales in US$ will be transferred from the Foreign Exchange Control Administration (CADIVI) which will take on a subordinate operations role within the Ministry from this week.

The move is seen as an effort on the part of President Hugo Chavez Frias' reform government to speed up transactions which have been under strict restrictions since an opposition-led 2-month labor stoppage failed to overthrow President Chavez in February.

Latest available figures show that the stoppage had cost the Venezuelan economy some $7.5 billion in lost revenues and will presumably cost more as opposition diehards continue to disrupt the nation's efforts at economic recovery after almost a half-century of unbridled political and economic mismanagement and corruption.

Venezuelan Central Bank HQ in Caracas

Central Bank of Venezuela (BCV) figures show that foreign reserves reached $16.27 billion June 18 ... up from $11 billion in January ... but Chavez Frias' most ardent critics seen in corrupt business leaders and equally corrupt trade union bosses, blame the President and the lack of hard currency after their government-wrecking maneuvers for deepening Venezuela's economic crisis where unemployment is already running at some 20%