Venezuela appears to be continuing down the interventionist path with the passage of a new law regulating the role of the central bank. The bill was finally passed on Tuesday, after months of delays in the national assembly. Although the government has celebrated the bill as a blueprint for modern monetary institutions, these claims have met with hostility, with opposition parties concerned that the new law could effectively turn the bank into a tool of the government. Tulio Vera, chief debt strategist for Merrill Lynch, in New York, is not surprised by the measures, seeing it as ...

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