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Thu Jan 16, 2014, 11:37 AM

Cadivi out; official exchange rate remains at VEB 6.30 per US dollar


Venezuelan President Nicolás Maduro said on Wednesday night that the official exchange rate will remain throughout 2014 at VEB 6.30 per US dollar.

During the presentation of the Annual Report 2013 to the National Assembly, Venezuelan President Nicolás Maduro said that the Foreign Exchange Administration Board (Cadivi) will disappear and all its functions will go to the National Foreign Trade Center, led by Alejandro Fleming.

Likewise, he said in a nationwide obligatory broadcast that José Khan will be the new Minister of Trade, standing in for Alejandro Fleming.

The Head of State added that next week, via enabling law, he will make a "substantial" amendment to the Law of Exchange-Related Offences for the private sector to bid for foreign currency by alternative means.

Looks like the state will be doing alot of import subsidies.

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