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Thursday, July 10, 2003

Acting Fedecamaras president expects severe US$/Bs. parity adjustment to replace restrictions

Venezuela's Elecronic NewsPosted: Wednesday, June 25, 2003
By: David Coleman

Venezuelan Federation of Chambers of Commerce & Industry (Fedecamaras) acting president Albis Munoz is quoted as saying that in all probability a massive devaluation of the Venezuelan bolivar will follow hot on the heels of a lifting of foreign exchange controls. Munoz says she fully expects "a severe adjustment" to US$/Bs. parity to replace restrictions which she says only serve to maintain the "artificiality" of the national bolivar currency in the face of the country's stark reality.

Speaking on regional television in southeastern Venezuela, Munoz -- who holds executive office pending the return (?) of fugitive Fedecamaras president Carlos Fernandez -- says that an increasing black market in US$ could be contributing greatly to money-laundering operations in favor of the Colombian drug cartels.

Munoz is emphatic that there will be no economic resolution agreement with the Chavez Frias government since the majority of business leaders are against the current administration and cannot therefore see any possible short-term recovery for the Venezuelan economy.

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