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Edition: U.S. Article Comments (4) Save Email Print Reprints Most Popular Most Shared Euro skids, shares tumble on German ban | Video 2:21am EDT Disgruntled voters take down veteran senator 1:38am EDT Thai protest leaders surrender after deadly clashes | Video 3:22am EDT "Savagely beaten" Stanford asks to be freed 18 May 2010 Big powers agree on Iran sanctions draft | Video 18 May 2010 Lincoln loses leverage on US financial reform bill 1:07am EDT German ban on risky bets seen backfiring 12:29am EDT WRAPUP 7-Gulf Coast fears spreading slick, fishing ban widens 18 May 2010 Study suggests processed meat a real health risk 17 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Study suggests processed meat a real health risk 17 May 2010 Pesticides tied to ADHD in children in U.S. study 17 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Disgruntled voters take down veteran senator 1:38am EDT Thai protest leaders surrender after deadly clashes | Video 3:22am EDT Euro skids, shares tumble on German ban | Video 2:21am EDT Thai crackdown may spark "guerrilla war": Thaksin 18 May 2010 Euro hits 4-year low vs. dollar after German regulation 1:33am EDT Canadian working women campaign for 25-hour day 18 May 2010 Drug-resistant TB risk demands push for new drugs 18 May 2010 Live Event Afghanistan: The way forward Join us from 6:45 pm ET on Tuesday, May 18 for a unique, open and frank on-the-record debate in which our panel of experts, steeped in experience of the Afghan conflict, will lead a discussion on the options for Afghanistan’s future and the wider strategic picture. Live Coverage Chavez government takes over Venezuela forex trade Ana Isabel Martinez and Andrew Cawthorne CARACAS Tue May 18, 2010 8:28pm EDT Related News Venezuela government takes control of forex trade Tue, May 18 2010 Venezuela may issue bonds, sees FX system in 2 weeks Tue, May 18 2010 UPDATE 1-Venezuela sets band for forex trade Tue, May 18 2010 Venezuela authorities raid two financial brokerages Mon, May 17 2010 Chavez signs new currency law against speculation Sun, May 16 2010 CARACAS (Reuters) - Venezuela's government took control of currency trading on Tuesday by promising a band for dollar exchanges and banning brokerages from an unofficial market where the local bolivar has bombed this year. World Seeking once again to rein in a currency that has been devalued three times since he took power in 1999, President Hugo Chavez has ordered the central bank to take sole charge of the free-floating "parallel" market. He accuses capitalist speculators of driving down the bolivar and fueling sky-high inflation in the OPEC member. Critics blame him, however, for the currency chaos in Venezuela, saying an ill-planned and multilayered system has distorted the market and created corruption, while socialist policies have crushed investment and production. The bolivar's woes are a far cry from the oil boom days of the 1970s when many Venezuelans enjoyed frequent shopping trips abroad, becoming jokingly known for their cry of "Damedos!" (Give me two!) when stocking up in Miami boutiques. In a keenly awaited press conference to explain the new rules, Central Bank President Nelson Merentes said international bond prices would be used as a reference to give transparency to a system run by the bank. He said brokerages would be "totally" excluded from the new mechanism, thereby eliminating the impact of speculation while still letting market forces set prices. "We want to find a stable, transparent and efficient system," Merentes told a televised news conference. A senior government source told Reuters the new system should be operating within two weeks, and that the government and state oil firm PDVSA might issue bonds to cover local dollar demand. Officials had previously ruled out placing new issues this year, though market analysts had said they would have to. The parallel market, where dozens of brokerages had used a debt swap mechanism to sell dollars at well above the official rates of 2.6 and 4.3 bolivars per dollar, had been supplying currency for about half of all Venezuela's imports. The bolivar has plunged to more than 8.0 per dollar this month, fueling one of the world's highest inflation rates. Analysts and market sources believe the band for the parallel dollar will probably be between 5.0-7.0 bolivars. But a fourth, black market is now also expected to emerge. Market players focused intently on the news conference, where Merentes appeared alongside Finance Minister Jorge Giordani and the stock market regulator. The television transmission from the Miraflores presidential palace cut out several times. "From a technical point of view, it (the new system) is complicated and BCV (the central bank) does not have the systems ready. We hope there will not be a long delay," New York-based RBS analyst Boris Segura told Reuters. "The key is to get it functioning fast. The more time the parallel market remains closed, the more difficult it will be for importers, and then that will have an effect on private consumption, supply, growth and inflation." Chavez has called parallel market trading "robbery" and urged the public to report cases of it to him on his Twitter account. "We are battling a mafia ... we are going to give them the mother of all blows," he said last week in one TV speech. The authorities have raided six brokerages in recent days, and websites publishing the parallel rates have disappeared. For many market players working in the Venezuelan capital, Tuesday's announcements were akin to a "life or death" moment, wrote Russell Dallen of BBO Financial Market. "Investment banking, stock trading on the Caracas Bolsa -- much less IPOs (initial public offerings) -- are all but non-existent, and FX trading was their only profit-center." Economists warn the new strategy could backfire and will likely create a new black market for dollars and possibly hasten another devaluation by the government next year. The bolivar was devalued from an official rate of 2.15 in January. The system will now inevitably force some people to turn to illegal means, such as depositing dollars in foreign bank accounts in exchange for bolivars in Venezuela, traders said. The bolivar's state is complicating a grim macroeconomic outlook for Venezuela which, despite its vast oil wealth, is predicted by analysts to be the only country in Latin America with negative growth this year. Chavez blames inflation, which rose to a monthly high of more than 5 percent in April, and the bolivar's weakening on an "oligarchy" determined to cause him problems ahead of an assembly election this year and a presidential vote in 2012. Many analysts, however, say the socialist president's incompetence in running the economy, including heavy-handed controls and nationalizations of private business, are to blame for Venezuela's poor economic health. (Additional reporting by Enrique Andres Pretel, Eyanir Chinea, Daniel Wallis; Writing by Daniel Wallis and Andrew Cawthorne; Editing by Andrea Ricci) World Comments See All Comments (4) | Post Comment May 18, 2010 8:53pm EDT Good luck Mr. Chavez!Your country will be a happy socialist country! but will be very poor country because the free market is what make a country prosperous! If there is a better way than a free market to make a country rich beware the “imperialist” America would adopt already that! Christian67 Report As Abusive May 18, 2010 9:04pm EDT Looking forward to the annexation of Venezuela by Brazil. Then won’t Cuba and Bolivia look silly! MerrillGrinch Report As Abusive May 18, 2010 10:40pm EDT Chavez is a joke. Where did he get his economic training? Cuban advisors? Oh well, you people voted him in! I know that my uncle, Arturo Eichler of Merida, is turning over in his grave. onewire Report As Abusive May 18, 2010 11:17pm EDT The poor people voted this nut in office and now they are still poor so more than likely he will be voted in office again. mottom Report As Abusive See All Comments (4) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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