Venezuelan President Hugo Chavez today was granted decree powers to pass laws without congressional authorization for the next 18 months, after pro- government lawmakers extended the period from the originally proposed 12 months at the last minute.
Trader Jofmar Heredia was thrown out of work when Venezuelan President Hugo Chavez shut the unregulated currency market in May and seized about 40 brokerages, accusing them of setting artificial rates, capital flight and money laundering.
Venezuela will establish a trading band on its free-floating exchange rate in a bid to halt a four- month tumble in the currency and stem an inflation surge that is undermining the country’s economic recovery.
Venezuelan authorities have arrested executives from three brokerages in the last two days who will face arraignment today as part of an investigation into irregularities in the unregulated currency market.
Venezuela will be flexible with the new currency market administered by the central bank and would be willing to change legislation to improve the mechanism if needed, Ricardo Sanguino , head of the congressional finance committee said.