Large protests in Venezuela despite carnival

Slow forex adjustment lashes Venezuela's staple supply

The Ancillary Foreign Currency Administration System has allocated so far this year only 10.8% of the amount of foreign currency oriented to imports

MAYELA ARMAS H. |  EL UNIVERSAL

Tuesday March 18, 2014  10:00 AM

For one year, the Venezuelan Government has been adjusting its foreign exchange policy, but the slow reform has adversely affected staple supply.

On Sunday, the president of the Central Bank of Venezuela (BCV), Nelson Merentes, admitted that the country has been facing shortage in certain goods and warned that situation should not exceed three additional months. Moreover, the official stressed the need for both an effective and quick import and an improvement in production and distribution.

Based on the BCV's figures, shortage has remained above 20% since August, hitting a record high of 28% in January.

The jump in the shortage index is somewhat attributed to restrictions in the sale of foreign currency.

For instance, the Ancillary Foreign Currency Administration System has allocated this year only 10.8% of the amount of foreign currency oriented to imports (USD 6.4 billion). In 2013, Sicad's supply accounted for just 70% of that of 2012.

Venezuela: opposition protests continue on eve of anniversary of Hugo Chavez’ death | euronews, world news

Militarization in eastern Caracas fails to end protests

Chacao was seized by military officers on Monday at 3:00 a.m.

THÁBATA MOLINA |  EL UNIVERSAL

Tuesday March 18, 2014  10:23 AM

At 3:00 a.m. Monday, military officers took control of Chacao, eastern Caracas. Locals got frightened as they heard movement on the streets, but this time it was not law-enforcement officers, but a military contingent deploying across the area on grounds the municipality is facing a public security issue.

The order was given by the Ministry of the Interior and Justice, and aimed at bringing things back to normal in Chacao, said Minister Miguel Rodríguez Torres early in the morning.

Barricades in Venezuela lead to confrontation among the population

One more time, access was restrained on Wednesday in several areas in Caracas -from north to south and east to west- other than Altamira, northeast, where barricades have become customary. Now, demonstrators downtown Caracas are trying to make Venezuelan President Nicolás Maduro hear citizens' complaints.

Street demonstrations have resulted in conflict inside communities. Neighbors have failed to reach an agreement: people calling for peaceful demonstrations are termed "chavistas" or "indifferent."

Source: El Universal

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Venezuelan oil minister back from China and Russia with financial support

Venezuelan Vice-President for Economic Affairs and President of state-run oil holding Pdvsa, Rafael Ramírez, arrived in Venezuela on Monday after a tour of Russia and China which gave new financial and political support to the government of Venezuelan President Nicolás Maduro.

Ramírez informed that he visited Beijing and Moscow in search of financial support and in order to review new energy projects.

"With the Vice-President of China, Li Yuanchao, we agreed on new borrowing facilities for our country and reviewed energy projects," the Pdvsa president twitted.

"China has expressed every support to the Bolivarian government of President Maduro and all the Venezuelan people. We will win! We also visited Moscow for a meeting with President (Vladimir) Putin, where the maximum support to our government and people was expressed," he added, DPA cited.

On Monday evening, President Maduro had claimed that nationwide demonstrations, taking a toll of 18 fatalities and more than 250 injured people, seek to destabilize the country and overthrow his government.

Source: El Universal

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