Venezuelan Currency: President Hugo Chavez Tightens His Grip
Filed under: Business, News | By: Roy
Posted on: August 18, 2007 | 1 Comment
President Hugo Chavez is going to be increasing his grip on the Venezuelan currency.
So far in 2007, the Venezuelan currency (bolívar) has seen its support in other foreign currencies fall 28.7pct.
Under the new proposals for the Venezuelan currency by Chavez, the president will be exercising much more control over the foreign currencies reserves in Venezuela that as mainly US dollars, due to the amount of business Venezuelan does with America.
Article 318 of the proposal for the Venezuelan currency states: “International reserves shall be managed by the Central Bank of Venezuela (BCV), under the administration and guidance of the President, as the administrator of the national treasury.
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I heard he wants to eliminate all the paper currency and replace it with coins, like instead of caring a thousand bolivares in cash, you would have to carry 1000 in coins… crazy ain’t it?