Venezuela to relax currency controls amid economic crisis
Aug 2, 2018
Venezuela's socialist government says it's relaxing strict laws that for years have limited currency exchanges, choking the economy
CARACAS, Venezuela — Venezuela's socialist government says it is relaxing strict controls that for years have limited currency exchanges, choking the economy.
The ruling party's National Constitutional Assembly on Thursday voted to legalize certain transactions in currency exchange houses.
A once-wealthy oil country, Venezuela's economy is crumbling in a five-year recession following two decades of socialist rule.
The law falls under President Nicolas Maduro's new economic plan to combat the rampant black market and rescue the failing economy beset by soaring inflation.
Maduro has said that on Aug. 20 Venezuela will lop five zeros off its paper money to combat inflation, predicted this year to top 1 million percent.
However, opposition lawmaker Angel Alvarado says Maduro's corrupt government only seeks to enrich its own members further manipulating the exchange market.
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