In the midst of several ministerial changes to boost the Venezuelan economy, the National Constituent Assembly (ANC) appointed June 19th Calixto Ortega Sánchez as the new president of the Central Bank of Venezuela (BCV). Ramón Lobo was replaced with the aim of strengthening the monetary policy and stabilizing prices. In addition, Ortega Sánchez will have to lead the monetary reconversion, which will come into force August 4th and will consist of the elimination of three zeros of the Bolivar. Furthermore, Joselit Ramírez Camacho was appointed  June 20th as the new Superintendent of Cryptocurrencies. He will replace Carlos Vargas and must foster the use of the cryptocurrency Petro as a means of payment in Venezuela.

Ortega Sánchez’s appointment came after the Venezuelan President, Nicolás Maduro, sent a letter to the ANC nominating Ortega Sánchez for the post. Ramón Lobo thanked Maduro for trusting him with the direction of the BCV and wished “the greatest success to Calixto Ortega Sánchez in leading the new stage of Economic Renewal”. Carlos Vargas also thanked President Maduro for trusting him with the promotion of the Petro and congratulated the new Superintendent of Cryptoactives on the “great task” that was assigned to him.

Calixto Ortega Sánchez was vice president of the oil company Citgo from November 2017 until June 19th, 2018. Previously, he had served as a principal advisor at Petróleos de Venezuela S.A. (PDVSA) and Venezuelan Consul in Houston and New York. He is an industrial engineer from the University of Zulia and has a Master’s degree in Banking and Finance from the University of London and another in Economic Policy Management from Columbia University.
Joselit Ramírez Camacho was general director of the Vice Presidency of the Republic from January 4th, 2017 until June 14th, 2018. Previously, he had been president of the Venezuelan Federation of Criminologists and Director of the Office of Attention to the Citizen of the Government of the Aragua state.