Venezuela reaffirms economic reform measures

Venezuelan Vice President Jorge Arreaza on Thursday reaffirmed the economic reform measures outlined by President Nicolas Maduro, saying the decision was aimed at promoting economic stability. The president's economic reforms measures seek to promote a consolidated socialist economy and an industrial sector, which will be integrated into the construction of the socialist economic model, Arreaza said in a state-owned VTV's live broadcast. The measure of keeping the exchange rate of 6.3 bolivar against the U.S. dollar helps combat black-market currency trading, which has harmed Venezuelan economy, Arreaza said. "It is the main anchor of our currency, especially for items such as food, medicine, spare parts and industrial supplies. We must protect all of these," said Arreaza. He said that the establishment of the National Foreign Trade Center, replacing the Foreign Currency Administration Commission (Cadivi), was also aimed at fighting black-market dealings. He pointed out that price stability, the adjustment of productive activities and the guarantee of supply were key elements in improving the nation's economy. Arreaza said Venezuela needed to overcome its dependence on oil revenues and progress towards a more diversified economy. President Nicolas Maduro announced Wednesday a slew of measures to reform economic governance system, including merging the Finance and Banking System ministries and naming Rodolfo Torres to head the new Finance Ministry. Maduro also vowed to attract foreign investment by strengthening an alternative foreign exchange mechanism and to introduce tougher penalties for sabotage and speculations.