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Article: Central Bank director criticizes Venezuela's exchange control system
- Article from:
- AP Worldstream
- Article date:
- July 30, 2003
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dateline: CARACAS, Venezuela
A Central Bank director urged Venezuela's government Wednesday to
speed up the flow of dollars, warning that a strict currency exchange
control system is strangling prospects for economic recovery.
President Hugo Chavez imposed the controls during a general strike
in January, trying to protect the bolivar currency as panicky citizens
rushed to take their savings abroad.
Businesses and individuals must now obtain authorization from the
Finance Ministry to before buying dollars. The government has authorized
the sale of US$1.7 billion _ but has actually granted US$600 million
_ since January. That compares to Venezuela's usual demand of about ...