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LatinNews Daily - 29 August 2018

In brief: Venezuela

Venezuela: Venezuela’s banking superintendence (Sudeban) has announced that Venezuelans will from now on not be able to use their bank accounts from abroad unless they tell their bank where they are going and how long they will stay. The move will impact money transfers carried out by the more than 2.3m Venezuelans who have left the country since 2014 and who send home remittances to help their relatives. According to Sudeban chief, Antonio Morales, the aim of the initiative is to incentivise the use of official bureaux de change houses to convert remittances, which would help to replenish the country’s foreign currency reserves that have been depleted by falling international oil prices and production at the state-run oil company Pdvsa. Remittances are often exchanged on the black market, where on 28 August one US dollar was worth BS106.25 compared to the official rate of BS60.89/US$1. The move by Sudeban is part of a raft of economic measures announced by President Nicolás Maduro aimed at stabilising the domestic economy. However, the package of measures, which includes price controls on some basic goods, has been criticised by opposition politicians including Ángel Alvarado of the Primero Justicia (PJ) party, who claims that 50% of businesses have not opened their doors since the changes came into force.

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